BP Angola announces increase in production to 480,000 barrels per day by 2020

7 December 2015

BP Angola will increase its oil production in the country by 50 percent by 2020, from 320,000 barrels per day to 480,000, said Friday in Luanda the president of the subsidiary of the BP Group.

Darry Willis also said that even if the price per barrel drops to a hypothetical US$20 the company will remain in Angola, when he was talking about the strategies and prospects of the company given the current economic climate, at the monthly debate sponsored by the US/Angola Chamber of Trade, known as the “First Friday Club.”

The president of BP Angola cited forecasts that the price of oil will remain low for a long time and that in the next five years there will be an oversupply in the world market.

The response of BP Angola to this new reality involves increasing production, reducing its foreign workforce and remaining as operator of blocks 18 and 31.

BP Angola owns 50 percent of Block 18, which produces 150,000 barrels per day and its partner is Sino-Angolan company Sonangol Sinopec International (SSI) and 26.67 percent of Block 31, which extracts 170,000 barrels per day and partners Sonangol Pesquisa e Produção with 45 percent, Norway’s Statoil with 13.33 percent and SSI Thirty One Limited (15 percent).

BP Angola also acts as operator in Blocks 19 and 34 and has stakes in assets operated by other companies in Blocks 15,17,20 25 and 26, as well as in the natural gas processing unit of Angola LNG, located in Soyo.

Since entering the Angolan oil industry in the 1970s, the company has invested US$30 billion in oil and gas and has a market share of 20 percent of all hydrocarbons produced in Angola. (macauhub/AO)