Angola Production Starts at BP-Operated PSVM Project

Sociedade Nacional de Combustiveis de Angola (Sonangol E.P.), as the concessionaire, BP Exploration Angola, as the operator, and the partners of Block 31, announced that production from the PSVM development area in Block 31, offshore Angola, has started.

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

Bob Dudley, BP group chief executive, 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.”

Martyn Morris, Regional President of BP Angola said: “The PSVM start-up is the reward for many years of hard work and collaboration both in Angola and overseas to deliver this world-class project. PSVM is expected to make a significant contribution to Angola´s production output and bring additional revenue to the country. This is a further step in the confirmation of Angola’s potential as a global energy player.”

The PSVM development consists of four oil fields – Plutao, Saturno, Vénus and Marte – discovered in 2002-04 in water depths of up to 2,000 metres and is the second BP-operated development in Angola.

PSVM produces through a converted hull, floating, production, storage and offloading vessel (FPSO) with 1.6 million barrels of storage capacity and the first FPSO in Angola ultra-deep water. A total of 40 production, gas and water injection wells will be connected to the FPSO through 15 subsea manifolds and associated subsea equipment.

The PSVM development project was developed with more than 20 per cent local content in the manufacture and assembly of key components in Soyo, Dande, Luanda, Porto Amboim and Lobito construction yards. BP Exploration (Angola) Limited (Block 31) as operator of Block 31 holds 26.67 percent. The other interest owners in Block 31 are Sonangol E.P. (25 percent), Sonangol P&P (20 percent), Statoil Angola A.S. (13.33 percent), Marathon International Petroleum Angola Block 31 Limited (10 percent) and SSI 31 Ltd (5 percent). Sonangol E.P. is the concessionaire.

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