BP and Sonangol have signed an agreement to advance the development of the Platina field in deepwater Block 18, offshore Angola, through making a final investment decision.
The Platina field was discovered in 1999 and is in water depths of 1,300m. It is planned to be developed as a subsea tie-back to the existing Greater Plutonio floating production, storage and offloading vessel (FPSO).
A final investment decision on the project is expected during the second quarter of next year, while first oil is expected in late 2021 or early 2022.
BP said that Platina will be its first operated development in Angola since the PSVM project in Block 31 started production in 2013. It will also be the second phase of development in the deepwater Block 18.
Both companies agreed to extend the production licence for the BP-operated deepwater Greater Plutonio project until 2032, pending government approval. Sonangol will assume an 8% equity interest in the block.
The extension will support later life output from the Greater Plutonio fields, as well as the future production expected from Platina.
BP group chief executive Bob Dudley said: “The signing of these agreements represents an important milestone in our relationship with Sonangol. It is a major step towards new investments for BP’s business in Angola, extending production from Greater Plutonio and boosting the nation’s oil output.”
Additionally, BP and Sonangol reached two memoranda of understanding (MoUs).
Under one MoU, the companies will discuss further exploration activities in Blocks 31 and 18, to enter discussions for Blocks 46 and 47, and to explore options in Block 18/15.
For the second MoU, the partners will discuss the feasibility to finance and construct the planned terminal and storage facility at Barra do Dande in Bengo.