BP has started production at the Platina field in Block 18, which is located some 87 miles offshore Angola.

Oil major BP has started production at the Platina field in Block 18, which is located some 87 miles offshore Angola.

BP said that the project was brought online both ahead of schedule and under the contractor group’s initial budget. Angola's National Oil, Gas, and Biofuel's Agency (ANPG) considers the project a significant reinforcement of the county’s oil production capacity.

More precisely, the project was delivered 44 days ahead of schedule and 25 percent below the original budget. Its development increased expected recoverable resilient reserves by 10 percent.

Platina is a subsea tie-back development to the existing Greater Plutonio floating production, storage, and offloading (FPSO) vessel on Block 18.

It will access an estimated 44 million barrels of oil reserves and, is expected to add 30 thousand barrels of oil per day to Block 18 production at its peak.

BP added that the development of resilient hydrocarbon resources, focused on maximizing value from existing positions and on high-quality fast-payback new projects was a key part of its strategy.

“With this and other projects, we are gradually meeting the objectives of preventing production decline and increasing production levels with the ongoing bidding of projects,” Belarmino Chitangueleca, Acting Chief Executive Officer, of ANPG stated.

“Platina is a great example of the type of project that BP is pursuing – efficiently producing resilient resources from basins we know well and making the very best use of our existing facilities. This way, we create the greatest value for BP, our partners, and Angola,” Adriano Bastos, senior vice-president of BP Angola, said.

“The Platina was delivered ahead of schedule and significantly under budget, only made possible through the commitment of ANPG, the contractor group, and the BP team,” he added.

Platina, the development of which was approved in December 2018, is the first new development on Block 18 since Greater Plutonio started up in 2007.

It is BP’s first new operated development in Angola since the start of production from the PSVM development in Block 31 in 2012.

Platina is the seventh new project to start production for BP worldwide in 2021. It follows new projects in Egypt, India, Trinidad, two in the US Gulf of Mexico, and an earlier project on Block 17 offshore Angola.

BP Angola is the operator and has a 46 percent stake in Block 18 while Sinopec and Sonangol hold a 37.72 and 16.28 percent stake, respectively.

Source: Rigzone.com