PSVM project in Angola starts producing oil

1 February 2013

Angolan state oil company Sonangol and BP Exploration (Angola) Limited (Block 31) said Thursday in Luanda that production had begun at the ultra-deep water “PSVM” project (Plutão, Saturno, Vénus and Marte) in block 31 off the Angolan coast.

Production in this initial stage is from three wells in the Plutão field, and is expected to total production of 70,000 barrels of oil per day.

“The PSVM will reach maximum production of 150,000 barrels of oil per day once production begins at the remaining fields – Saturno and Vénus in 2013 and Marte in 2014”, the statement from the oil company said.

Production at “PSVM”, the statement said, is carried out using a floating oil production, storage and offloading unit – FPSO PSVM – with capacity to store 1.6 million barrels of oil, which is the first of its kind to operate in ultra-deep water in Angola.

BP Exploration (Angola) Limited (Block 31) is the operator of Block 31 with a stake of 26.67 percent and its partners are Sonangol (25 percent), Sonangol P&P (20 percent), Statoil Angola A.S. (13.33 percent, Marathon Petroleum Angola Block 31 Limited (10 percent) and Sonangol Sinopec Internacional block 31 Limited (5 percent). (macauhub)