BP group to invest US$20 billion in Angola by the end of the decade

24 June 2013

The value of investments to be made by BP Angola will total over US$20 billion by the end of the decade, or around US$3 billion per year, the company’s regional president told Angolan newspaper O País.

Martyn Morris also said that the company planned to increase daily production from 190,000 barrels to 250,000 barrels, as a result of exploration projects it is carrying out with its partners in Blocks 15 and 17 and its reserves in Blocks 18 and 31.

“We’d like to think we can have net production of around 250,000 barrels per day, which takes into account, on the one hand, the decline of some oil fields and, on the other, new production and what is projected for Blocks 15 and 17,” Morris said.

However, the expected increase in production does not include the pre-salt layer in the Kwanza and Benguela basins, where, in December 2011, BP signed production sharing agreements to operate Blocks 19 and 24 and stakes in Blocks 20 and 25 and in the same year acquired 40 percent of Block 26.

Speaking about Angola, Morris said that in May production had totalled almost 1.8 million barrels per day and that it was “perfectly possible to achieve the target of 2 million barrels per day set by the Angolan government, which may happen within two or three years.”

Saying that Angola’s future was bright, the official said that production could even reach 3 million barrels per day, which would only require prospecting in the Kwanza basin to be successful. (macauhub)