Angola has been producing oil for more than half a century, but the discovery of vast oil reserves off the country’s Atlantic coast has introduced new momentum to an industry seen as key to the country’s economy. Oil accounts for 97% of the country's exports, dwarfing earnings from diamonds and coffee. Angola produces about 1.7 million barrels of oil a day, a notable proportion of the 31 million barrels a day produced by the Organisation of the Petroleum Exporting Countries (OPEC).
Angola’s acceptance of membership into OPEC in 2007 represented a significant milestone for the country, which is still recovering from a 27-year civil war that only ended in 2002. Now, with former National Union for the Total Independence of Angola (Unita) rebels acting as minority partners in the 33-year government led by the People's Movement for the Liberation of Angola and president José Eduardo dos Santos, the stage is set for a period of sustained economy growth, fuelled by exports of oil. However, for those expectations to become reality Angola must realise the potential of the deep-water reserves in the salt basins off its coast.
