With a population of about 14 million people, Angola has tremendous potential with vast resources in hydrocarbons, diamonds and many other minerals.

The oil industry is among the most important contributors to Angola's economy. Angola is a world-class hydrocarbon province and its role as a producer and worldwide supplier is expected to increase in the future.

Angola is the second largest producer of oil in sub-Saharan Africa - 1 million barrels per day increasing to more than 2 million barrels per day by 2008.

An estimated 50 significant new deepwater discoveries in Blocks 14, 15, 17 and 18 are expected to come on stream in the next five to ten years. These four Blocks are estimated to contain more than 10 billion barrels of recoverable oil.

Most oil production comes with associated gas that is currently being flared. Angola is seeking a solution to reduce emissions and establish a new source of clean energy for Atlantic Basin markets.