Angolan oil firm Sonangol EP and BP Exploration Limited have announced the start of production at the Angolan offshore Block 31 PSVM Project in the Plutao field
Initial production from three wells in the field will be expected to hit 70,000bpd. PSVM will build to plateau rates of 150,000bpd in the coming years with additional production from Saturno and Venus fields in 2013 and Marte in 2014.
According to a statement from Sonangol EP, PSVM production will be made through converted Floating Production Storage and Offloading (FPSO) unit, with a storage capacity of 1.6mn barrels of crude oil.
BP group chief executive Bob Dudley said, “PSVM is one of the largest subsea developments and was one of BP’s key project start-ups for 2012.
“We expect Angola to be one of the main hubs delivering growth for BP in the coming years.”
BP Angola regional president Martyn Morris said, “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.”
