BP Angola Field Begins Production

BP has announced its first Angolan oil field is fully operational, with production expected to reach about 200,000 barrels per day by next year.

The UK-based oil giant is working with French exploration company Sonangol Sinopec International on the Greater Plutonio development area, located 160km north-west of Luanda.

The area is made of five fields: Galio, Cromio, Paladio, Plutonio and Cobalto, in water depths of up to 1,450m.

A floating, production, storage and offloading vessel will process produced fluids and export crude, which is connected to the wells by a large subsea system.

BP CEO Tony Hayward says the project represents "a further significant step in the steady build-up of oil and gas output from new projects due on stream this year and next."

Last week it was revealed that Hayward plans a major shake-up of the organisation after he delivered a warning to staff that third-quarter revenues would be "dreadful".

US staff were told to expect a streamlining of the business next month following news that BP's financial performance is the lowest since 1992-93.

By Ozge Ibrahim