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

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021