BP and project partner Sonangol have agreed to work towards a final investment decision on the Platina field development offshore Angola
They also agreed to extend the production licence for the BP-operated Greater Plutonio project to 2032 and for Sonangol to take an 8% equity interest in the block.
Platina would be BP’s first new operated development in Angola since the PSVM project began production in 2013.
Discovered in 1999, Platina is expected to be developed as a subsea tie-back to the existing Greater Plutonio floating production, storage and offloading vessel (FPSO).
The final investment decision for the development is anticipated in the second quarter of 2019 with first oil then expected in late 2021/early 2022.
The agreements were signed in Luanda today by Sonangol chairman Carlos Saturnino and BP chief executive Bob Dudley.
Mr Saturnino said: “These agreements are a positive sign of the work being done by Sonangol and the Angolan government to generate more investment in our oil industry and take us a big step closer toward increasing production from Block 18.
“BP has been a key partner for Sonangol and Angola for many years, having contributed to the development of the oil and gas industry through its operated and partner-operated blocks, and we look forward to continuing to work together in the years to come.”
Mr Dudley said: “The signing of these agreements represents an important milestone in our relationship with Sonangol.
“It is a major step towards new investments for BP’s business in Angola, extending production from Greater Plutonio and boosting the nation’s oil output.
“I would like to thank President Lourenço, the government and Sonangol for their vision, leadership and drive to improve the industry’s competitiveness and encourage new investment.
“BP is proud to be a partner withAngola and the signing of these agreements is a major step towards further realising the potential ofAngola’s natural resources.”