PSVM Start Up Official
BP and its partners on Block 31 offshore Angola have officially announced that production from the PSVM development has begun. Initial flow comes from three production wells on the Plutao field and is expected to ramp up to around 70,000 bpd.
PSVM is expected to build towards plateau rates of 150,000 bpd with the additional production from the Saturno and Venus fields this year and production from the Marte in 2014.
Bob Dudley, BP group chief executive, said: “PSVM is one of the largest subsea developments in the world and was one of BP’s key project start-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, to be one of the main hubs delivering growth for BP.”
Martyn Morris, Regional President of BP Angola said: “The PSVM start-up is the reward for many years of hard work and collaboration both in Angola and overseas to deliver this world-class project. 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.”
Actual production on the development started up on December 6, with Angola’s Ministry of Petroleum reporting production commencement at the end of 2012, the announcement by the operator BP makes it official. The first cargo of 998,000 barrels of Saturno-branded crude was offloaded on to the Almi Sky tanker bound for Rotterdam, Netherlands, on December 25.
BP Exploration (Angola) Ltd. (Block 31) as operator of Block 31 holds 26.67%. The other interest owners in Block 31 are Sonangol E.P. 25%, Sonangol P&P 20%, Statoil Angola A.S. 13.33%, Marathon International Petroleum Angola Block 31 Ltd. 10%, and SSI 31 Ltd. 5%. Sonangol E.P. is the concessionaire.
Nineteen discoveries in Block 31 have been announced to date. Future development is expected to comprise multiple hubs similar to the first development. The second development for the SE area of Block 31 is in the planning phase.
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