Angola’s Sonangol and BP signed an agreement on Monday to progress a final investment decision (FID) for the development of the Platina field in deepwater Block 18, offshore Angola, BP announced.
According to the statement, the companies agreed to extend the production license for the BP-operated Greater Plutonio project on Block 18 to 2032, subject to government approval, and for Sonangol to take an 8 percent equity interest in the block.
'Platina would be BP’s first new operated development in Angola since the PSVM project in Block 31 began production in 2013. It would be the second phase of development in Block 18 – the Greater Plutonio project started up in 2007,' the company stated.
According to BP's statement, the Platina field -- discovered in 1999 -- in water depth of approximately 1,300 meters, is expected to be developed as a subsea tie-back to the existing Greater Plutonio floating production, storage and offloading vessel (FPSO).
The FID for the development is anticipated for the second quarter of 2019 with first oil expected in late 2021/early 2022.
'The production license extension will enable later life production from the Greater Plutonio fields as well as the future output expected from Platina,' BP said.
In addition, BP and Sonangol also signed two further memoranda of understanding (MOUs) for potential further access and exploration offshore Angola and for cooperation in planned new products, a crude terminal and storage facility in Angola.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr