Sonangol and BP agree to advance BP’s activities in Angola

BP and Sonangol have signed an agreement to advance the development of the Platina field in deepwater Block 18, offshore Angola, through making a final investment decision.

The Platina field was discovered in 1999 and is in water depths of 1,300m. Platina would be BP’s first new operated development in Angola since the PSVM project in Block 31 began production in 2013.

It is planned to be developed as a subsea tie-back to the existing Greater Plutonio floating production, storage and offloading vessel (FPSO). A final investment decision on the project is expected during the second quarter of next year, while first oil is expected in late 2021 or early 2022.

BP said that Platina will be its first operated development in Angola since the PSVM project in Block 31 started production in 2013. It will also be the second phase of development in the deepwater Block 18.

Carlos Saturnino said: “These agreements are a positive sign of the work being done by Sonangol and the Angolan government to generate more investment in our oil industry and take us a big step closer toward increasing production from Block 18″.

Both companies agreed to extend the production licence for the BP-operated deepwater Greater Plutonio project until 2032, pending government approval. Sonangol will assume an 8% equity interest in the block.

The extension will support later life output from the Greater Plutonio fields, as well as the future production expected from Platina. BP group chief executive Bob Dudley said: “The signing of these agreements represents an important milestone in our relationship with Sonangol.

It is a major step towards new investments for BP’s business in Angola, extending production from Greater Plutonio and boosting the nation’s oil output.” Bob Dudley said: “The signing of these agreements represents an important milestone in our relationship with Sonangol.

Under one MoU, the companies will discuss further exploration activities in Blocks 31 and 18, to enter discussions for Blocks 46 and 47, and to explore options in Block 18/15.

For the second MoU, the partners will discuss the feasibility to finance and construct the planned terminal and storage facility at Barra do Dande in Bengo.

British oil major BP Plc and Angola’s state oil company, Sonangol, agreed to move forward to a final investment decision (FID) of the deepwater Platina field project in Angola, Kallanish Energy reports.

Discovered in 1999, the Platina field, in water depth of approximately 1,300 m, is planned to be developed as a subsea tie-back to the existing Greater Plutonio floating production, storage and offloading vessel (FPSO).

The firms Monday signed a number of agreements related to their cooperation in the African country’s waters, including an extension to the production license for the BP-operated Greater Plutonio project to the year 2032. The latter remains subject to government approval.

If sanctioned, Platina, located in Block 18, would be BP’s first new operated development in Angola since the PSVM project in Block 31 began production in 2013.

FID is expected in the second quarter of 2019, with first oil slated for late 2021/early 2022. BP CEO Bob Dudley said Monday in Luanda the signing of these agreements represents an important milestone in the company’s relationship with Sonangol.

Under one MOU the companies agreed to progress discussions for further exploration activities in Blocks 31 and 18, to enter discussions for Blocks 46 and 47, and to explore options in Block 18/15.

“It’s a major step towards new investments for BP’s business in Angola, extending production from Greater Plutonio and boosting the nation’s oil output,” he added.

With interests in six offshore deep and ultra-deepwater blocks in Angola, the UK oil major yielded last year average production of 211,000 barrels per day (Bpd) in the country.

The second MOU enables them to enter discussions regarding financing and construction of the planned terminal and storage facility at Barra do Dande in Bengo province, approximately 30 km north of Luanda.

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