BP gets go ahead in Angola
Posted: 28 July 2008
Sociedade Nacional de Combustíveis de Angola - Sonangol E.P., has authorised BP and its co-venturers to develop a series of deepwater oil discoveries in offshore Angola's Block 31.
The Block 31 developments program is based on a standardised development concept, which is intended to reduce cycle time, optimize capital and maximise operating efficiency through standardised design, fabrication and commissioning.
"Approval by Sonangol for the program of developments in Block 31 supports BP's production profile out to the end of the next decade and beyond. It demonstrates the scale of the resource base in Block 31," said Andy Inglis, Chief Executive of BP Exploration and Production.
The first project in the program will comprise the Plutão, Saturno, Vênus and Marte (PSVM) fields which lie in the north east sector of Block 31, in a water depth of approximately 2000m, some 400 kilometres north west of Luanda. Construction work is expected to start during 2008 with first oil planned in 2011 and building to a plateau of about 150,000 barrels per day by 2012.
The operator (BP) and its co-venturers have announced fifteen discoveries in Block 31 to date. Full development will comprise multiple hubs similar to the first development (PSVM). The second development will be in the SE area of Block 31 and is in the planning phase.
BP Exploration (Angola) Limited as operator holds 26.67 per cent. The other interest owners in Block 31 are Esso Exploration and Production Angola (Block 31) Limited (25 per cent), Sonangol EP (20 per cent), Statoil Angola A.S. (13.33 per cent), Marathon International Petroleum Angola Block 31 Limited (10 per cent) and TEPA (Block 31) Limited with 5 per cent. Sonangol E.P. is the concessionaire.
"This is the first time Sonangol has approved a program of contracts in this way, not just for PSVM but for subsequent developments in a block with great potential," said Jose Patricio, president of BP Angola. "It confirms Angola's confidence in BP and its partners."
Posted by Richard Price, Editor, EnergyME.com
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