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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
