Clov Crude Oil of Angola: Its History, Price, and Production
Clov crude oil is the 6th largest proven reserve of crude oil in Africa. It is located in the northern part of Angola, around Clov. The area has been producing oil since the mid-1990s and has recently accelerated its production.
There are several large-scale plants located in neighboring countries that process crude oil into more valuable products. A few companies own this field and have operations there, including Eni, Statoil, and Repsol. It’s important to know where your oil comes from to make informed decisions while purchasing it or investing in an operation.
This article will provide information to help you better understand the Clov Crude Oil of Angola.
History of Clov Crude Oil of Angola
The northern region of Angola, where the Clov field is located, has been producing oil since the 1930s. The area was discovered by Royal Dutch Shell and exploited by them until 1975, when the political situation in the country made it impossible for the company to continue its operations.
In the 1990s, another company began production in the same area where Royal Dutch Shell had been producing oil for many years: Chevron, which operated with a joint venture with the state-owned company Sonangol.
They were extracting oil from the Mafumeiro and Namacurra fields. In the early 2000s, the government of Angola began a campaign to attract foreign investment in several key sectors, including oil and gas.
Sonangol, the state-owned company, held a competitive bidding round for blocks in the southern part of the country. These blocks were enticing, but Chevron chose to focus on the northern blocks, where the company had been producing for ten years.
As a result, in 2004, the government signed a Production Sharing Contract with Chevron. This contract gave Chevron the right to develop the Mafumeiro, Namacurra, and Gabela fields.
Location of Clov Crude Oil of Angola
The Clov field is in the northern part of Angola, around the town of Clov. The field is around 340 kilometers away from the capital, Luanda. For reference, New York City is approximately 1,800 kilometers from the capital of Angola.
Clov is in Angola, which is the second-largest oil-producing country in Africa. The total proven crude oil reserves in Angola are about 1.3 billion barrels, making it the 12th largest oil reserve in the world.
Most of the Angolan production is from Block 5 and Block 6, which are located in the Soyo Basin and Kwanza Basin, respectively. However, several other smaller fields produce oil as well.
In recent years, Clov has focused on offshore Block 5 and Block 6 while also trying to reach deeper water in Block 4. In addition, the company has also made efforts to develop new fields like Telde-1 and Telde-2, with the former being a small field located onshore and the latter being an offshore field located between Blocks 3 and 4.
The exact location of Clov Crude Oil in Angola is not publicly known at this time.
Price of Clov Crude Oil of Angola
The price of Clov Crude Oil in Angola depends on many factors, such as the quality, quantity, and region in which it’s being sold. The price of Clov Crude Oil in Angola is also affected by the price of crude oil in general since it is a significant component of the products derived from crude oil. Many websites, such as Bloomberg, report the current price of crude oil daily.
There is a lot of oil in the ground in Angola, and many people think it should be easy to find a reasonable price. However, it can be tough to get access to it because many people are also trying to get their hands on it. As a result, if you want to find out how much oil is in the ground in Angola, you’ll need to do some research.
You can start by talking to local experts who have worked in the area for a long time. They can provide you with some valuable insight. Another option is to look at the government’s website if they share information about the oil fields in the area.
Finally, you can always contact Clov Oil and see what they offer for people interested in buying oil from Angola.
Production of Clov Crude oil in Angola
Five hundred five million barrels of reserves are known to be present in this field. The field started producing in 2005 but was relatively low until 2016. Production reached its peak in 2017.
The field produced around 40,000 barrels per day in 2005, but production fell to 19,000 barrels per day in 2008. The field was experiencing trouble with the Mafumeiro well, which was responsible for 60% of the output.
The well was shut down due to a reasonable control issue that needed to be fixed. In 2009, the well was back online, and production had increased to 35,000 barrels per day.
In 2010, production had risen to around 70,000 barrels per day, and by 2013, production had increased to 75,000 barrels per day. The rest of the wells were producing at total capacity, and there were no other issues in the field.
The Mafumeiro field produced 45,000 barrels per day, and the Namacurra field produced 22,000 barrels per day. In 2014, production had increased to 85,000 barrels per day, and in 2015, it had risen to 100,000 barrels per day. In 2016, production had increased to 110,000 barrels per day.
The fields were still producing around 100,000 barrels per day in 2018.
Transportation Of Clov Crude oil in Angola
The Clov Crude Oil of Angola is transported to the coast of Angola and onto the terminal in Soyo. Then, it is loaded onto tankers and shipped to the Gulf Coast in the U.S. The trip takes around 30 days.
Then, the crude oil is transported through the Soyo Oil Terminal by pipeline. The Soyo Oil Terminal was built in 1991 and expanded in 2015. The terminal can handle a million tons of oil annually, but in 2017, it managed almost three times as much.
Owners and Operators of Clov Crude Oil
The field is operated by Eni, which is Italy’s largest company. In addition, Eni operates the Dalia field, located in the same area as the Clov field.
Statoil is Norway’s largest company and owns part of the Mafumeiro field. Repsol is a Spanish multinational that owns part of the Namacurra field.
Clov Crude Oil Benchmark
Clov Crude Oil is an important energy source in Angola and a vital component of the country’s oil production.
The discovery of the Clov field in 1975 by Royal Dutch Shell, who operated the field for several years, made this location one of the major oil-producing areas of the country. Today, only a few large oil companies operate there, and it remains an essential source of revenue for Angola.
Clov oil is also essential in Europe because it’s one of the most affordable oils on the continent. However, Clov is produced from oil sands, so it is of a lower quality than crude oil extracted from other parts of the world. Nevertheless, it’s widely used because it can be refined into petrol, diesel, and kerosene products.