BP Turns On Taps Offshore Angola

BP reported Thursday that production has started from the PSVM development area in Block 31 offshore Angola.
BP Turns On Taps Offshore Angola.

Initial production will come from three production wells in the Plutao field and this is expected to ramp up to around 70,000 barrels of oil per day (bopd). PSVM is expected to build towards plateau rates of 150,000 bopd over the coming year, with the additional production coming from the Saturno and Venus fields in 2013 and Marte in 2014.

The International Monetary Fund also reported Thursday that it expects Angola's oil production to grow more than four percent in 2013 to 1.8 million bopd. Angola, Africa's second-largest oil producer after Nigeria, produced 1.73 million bopd last year, according to OPEC.

Commenting on the PSVM start up Thursday, BP Group Chief Executive Bob Dudley said:

"PSVM is one of the largest subsea developments in the world and was one of BP's key project start-ups for 2012 as we grow higher-margin production. Over the coming decade, we expect Angola, where we have extensive interests from exploration through to production, to be one of the main hubs delivering growth for BP."

BP Exploration Angola is the operator of the development with a 26.67-percent interest. Other holders in Block 31 include: Sonangol E.P. (25 percent); Songangol P&P (20 percent), Statoil Angola (13.33 percent), Marathon International Petroleum Angola (10 percent) and SSI 31 (5 percent).