Angola's Sonangol says oil output down 3pc in 2014, income tumbles

LUANDA: Angola's oil output averaged 1.67 million barrels per day last year, down 2.6 percent on 2013, while gas output fell 29 percent after its liquefied natural gas plant was hit by mechanical problems, the state energy company Sonangol said.

Sonangol's net income dropped 77 percent year-on-year in 2014 to $710 million due to higher costs, production outages and lower energy prices, the company said in its annual results presentation on Wednesday.