August 16, 2011 / 10:33 AM / 8 years ago

UPDATE 3-Angola's Oct oil exports to slip; Pazflor starts

* Oct exports to average 1.57 million bpd

* Total set to be lower than September’s 1.67 million bpd

* New oilfield Pazflor set to export one cargo

By Alex Lawler

LONDON, Aug 16 (Reuters) - Angola is scheduled in October to export the first cargo of oil from Total’s Pazflor field, one of several new projects expected to counter a decline in supplies from Africa’s second-largest producer.

Crude exports from Angola in October are scheduled to average 1.57 million barrels per day (bpd), down from 1.67 million bpd in September, a preliminary loading programme provided by a trading source on Tuesday.

But in a sign of a looming supply boost, October’s schedule shows a 950,000-barrel cargo of Pazflor crude will be exported. This would add 31,000 bpd to October’s total and more in coming months as the field builds up towards full output.

Fields such as Pazflor will help supplies from Angola recover, once again rivaling those of Africa’s top exporter, Nigeria. Angola’s exports have slipped from near 1.9 million bpd in mid-2009 because of natural decline in some oilfields and maintenance in others.

“Companies have been fully focused on getting things developed and we haven’t seen many start-ups over the last couple of years; hence the production from Angola has flattened out a little bit,” said Martin Kelly, lead analyst for sub-Saharan Africa at Wood Mackenzie.

“But that’s all about to change with Pazflor and PSVM coming on stream at the end of this year and then there’s another pipeline of projects due to come on stream in 2012, 2013 and 2014, so we’re expecting Angolan production to increase quite significantly from the end of this year.”

Pazflor was scheduled to come on stream in the last three months of the year. Total expects the 220,000-bpd deepwater field to reach full capacity within six months.

BP Plc’s PSVM offshore field is also due to produce first oil in 2011. The company expects it to build up to a plateau output rate of 150,000 bpd by 2012.

There is no cargo owner or loading date in October given so far for the Pazflor shipment. Total holds a 40 percent interest in the project with partners Statoil , Exxon Mobil and BP.

As well as the decline and maintenance issues in Angola, a period of relative peace in the Niger Delta has allowed Nigeria to extend its lead over Angola in oil production for now.

Nigeria is scheduled to export about 2 million bpd in September. The October export schedule is not yet available.

Both Angola and Nigeria are members of the Organization of the Petroleum Exporting Countries.

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