Global Leader in International Oil and Gas Industry News

posted in:

Angola production starts at BP-operated PSVN Project

Thursday, Jan 31, 2013

Sociedade Nacional de Combustíveis de Angola (Sonangol E.P.), as the concessionaire, BP Exploration Angola, as the operator, and the partners of Block 31, today 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 – Plutão, 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.

Source: BP

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Oil & Gas News

AVEVA provides Integrated Engineering & Design solutions to TOTAL E&P Nigeria Limited 18-04-2014
Oando Energy Resources increases deposit for acquisition of Nigerian Upstream Oil and Gas Business of ConocoPhillips 18-04-2014
Linde will be exclusive hydrogen supplier for the Shell Eco-marathon in Houston 18-04-2014
Technip wins Umbilical contract for Kaombo project in Angola 18-04-2014
Forest Oil announces first quarter 2014 earnings release date and teleconference 18-04-2014
Saipem announces awarded FPSO contracts in Angola worth more than $4 billion 18-04-2014
Endeavour announces settlement of SM Energy litigation 18-04-2014
Drilling and production update 18-04-2014
Shell announces Malaysia deep-water gas discovery 18-04-2014
Meeting between the Ukrainian Minister of Energy, Yuri Prodan, and Eni's CEO Paolo Scaroni 18-04-2014