BP begins production at PSVM

Angola project to produce 150,000 b/d of oil

PSVM Project (Image: BP)

Production had begun from BP and Sonangol's PSVM development in Block 31, off Angola, the partners confirmed on 1 February 2013.

Three wells at the Plutao field are expected to increase production at PSVM to approximately 70,000 b/d of oil. Production will increase to 150,000 b/d once Saturno and Venus fields along with Marte field come online in 2013 and 2014, respectively.

"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," said Bob Dudley, BP group chief executive, in a press statement. "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."

The PSVM development consists of four oil fields – Plutão, Saturno, Vénus and Marte – discovered in 2002-04 in water depths of up to 2,000 metres and is the second BP-operated development in Angola.

PSVM produces through a converted hull, FPSO with 1.6 million barrels of storage capacity; it is the first FPSO in Angola ultra-deep water. A total of 40 production, gas and water injection wells will be connected to the FPSO through 15 subsea manifolds and associated subsea equipment.

BP said that the PSVM development project was developed with more than 20% local content in the manufacture and assembly of key components in Soyo, Dande, Luanda, Porto Amboim and Lobito construction yards.

BP operates Block 31 with 26.67% interest. Its parnters include Sonangol (45%), Statoil (13.3%), Marathon (10%) and SSI 31 Ltd. (5%). Sonangol E.P. is the concessionaire.