Production begins at BP-operated PSVM Angola project

Oil and gas production giant BP has commenced operations at the PSVM project in offshore Angola, a trading update issued by the FTSE 100 company has disclosed.

Oil and gas production giant BP has commenced operations at the PSVM project in offshore Angola, a trading update issued by the FTSE 100 company has disclosed.

The project, which is located 400km north west of Luanda, consists of four oil fields which were discovered in 2002-2004 and represents the second BP-operated development in Angola.

The company stated that production would come from three production wells in the area known as the "Plutao" field and would be expected to rise to approximately 70,000 barrels of oil per day. Over the coming year, the PSVM is expected to build towards plateau rates of 150,000 barrels of oil per day.

Bob Dudley, BP Group Chief Executive Officer, said: "PSVM is one of the largest subsea developments in the world and was one of BP's key project star-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 top be one of the main hubs delivering growth for BP."

PSVM produces oil through a converted hull, floating, production, storage and offloading vessel with 1.6m barrels of storage capacity.

MF

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Inflation is the easiest way out of this – just don’t expect politicians to admit it
Inflation

Inflation is the easiest way out of this – just don’t expect politicians to admit it

The UK government borrowed £34.1bn in December, a record amount for that month. Britain's debt pile now amounts to 100% of GDP. How are we going to pa…
22 Jan 2021
When will the US stockmarket bubble burst?
US stockmarkets

When will the US stockmarket bubble burst?

With US stocks more expensive than before the Wall Street crash of 1929, there are growing signs of “mania”. But what will push markets over the edge?
22 Jan 2021