BP group to invest US$10 billion in Angola over next 10 years

10 October 2012

The BP oil group plans to invest around US$10 billion over the next 10 years in Angola, group vice president, Paulo Pizarro said in Luanda Monday cited by Angolan news agency Angop.

Pizarro, who is vice president for communications at the group for the Angola region, said that BP had already invested US$15 billion in its business in Angola and that it planned to continue doing so given the oil reserves in the country and its economic and social stability.

“We plan to support Angola’s development and so we mean to be in the country for another 50 years and give our contribution (…) to academic and professional training of Angolan technicians,” he said during a visit to the company’s headquarters by some Angolan inventors and designers.

BP is the operator of blocks 18 and 31, which is due to start operating in the next few days. It also has stakes in blocks 19 and 24 with Sonangol, in block 15 with Esso, and in block 17 with Total.

It is also present in another nine blocks in the Kwanza basin, specifically blocks, 20, 25 and 26, with a portfolio that makes BP the biggest oil operator in Angola. (macauhub)