Angola to become Africa's top oil producer 'next year'

This file photo taken on May 18, 2005 shows Shell's major oil and gas terminal on Bonny Island in southern Nigeria's Niger Delta. Angola could as early as next year surpass Nigeria as Africa's top oil producer mainly due to internal problems in the west African country.  

Angola could as early as next year become Africa's top oil producing nation surpassing Nigeria, news outlets in the southern African country report, quoting British media.

The Financial Times and Reuters news agency have attributed Angola's rise mainly to internal problems wracking Nigeria.

Widespread theft valued at $6 billion annually has been widely cited as a reason for declining production in the west African country, for decades Africa's top producer.

Delay in reforming the industry has also slowed down investment, while creaking infrastructure has contributed to costly leakages and the overall unreliability of production.

The market is also shifting, with refiners especially in China increasingly preferring Angola's heavier crude over Nigeria's lighter grade for various reasons, Reuters reported in May.

According to industry data, oil production in Nigeria has decreased from 2.2 million barrels per day (bpd) in 2012 to 1.9m bpd currently.

Angola, which is more stable and has also been bringing new fields into play, in May produced more than its west African rival with an output of 1.73m bpd against Nigeria's 1.676 bpd.

Last week Angolan oil minister Botelho de Vasconcelos said the country's oil production would hit 2 million bpd next year against a current daily average of 1.75m barrels daily.

Oil and gas contribute about 80 per cent of Nigerian government revenue, and 90 per cent of foreign exchange earnings.