"Within three years, oil-producing nations in western Africa will account for one of every three new barrels pumped worldwide. By 2015, the United States is projected to import a quarter of its oil from Africa, up from 15 percent today." "Next year, Angola is expected to reach two million barrels and by 2011, 2.6 million barrels, the equivalent of Kuwait's output." "But Angola is finding itself at the crossroads of today's energy geopolitics. It has become the latest stage in a global rivalry playing out among Western, Russian and Chinese oil companies. This year, it joined the Organization of Petroleum Exporting Countries, which has been paring global supplies to keep prices from falling below $50 a barrel." http://www.iht.com/articles/2007/03/20/business/angola.php
Well, they're proven reserves are just 11 billion barrels so this is not a massive find. It's really about the same as ANWR. It is telling though given the massive foreign interest in the place. They did mention in the article that many think this is one of the last major untapped fields. At the rate that China's growing this supply won't provide any cushion. It's interesting that they joined OPEC, who is actively throttling production to keep oil above $50/barrel.
It is not a foregone conclusion that OPEC is "throttling production". They would NEVER flat out say we can't do it, as that would trigger the alternatives to have carte blanch investment and spell the end for OPEC control of the energy market. Analysis of Saudi Arabia's use of offshore rigs is alarming. They are trying to get their hands on every available offshore rig they can. They are doing everything in their power just to maintain production. They are injecting massive amounts of water to maintain well pressure and their well output is up to 40% water now. This is fast approaching the "watered out point" that spells the end of meaningful extraction. There is NO ghawar sized fields offshore or in Africa. It will takes massive investments and time in MANY new smaller sources like Angola just to keep up with the decline of the older fields like Ghawar, North Shore (UK), and Caterall (Mexico) This can only hope to maintain today's level of output. There is NO WAY we can actually increase worlwide production to meet the demand that STILL continues to grow.
