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Press Release: First oil from Platina project in Block 18

bp Angola’s Platina project in Block 18 has started production and at peak, is expected to add 30 thousand barrels of oil per day to Greater Plutonio production. 

Luanda, 25 November 2021. bp Angola’s Platina project in Block 18 has started production. The project was brought online both ahead of schedule and under the contractor group’s initial budget. ANPG considers the project a significant reinforcement of the Angolan’s oil production capacity.

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, at peak, is expected to add 30 thousand barrels of oil per day to Block 18 production. 

The project was delivered 44 days ahead of schedule and 25% below the original budget. Its development increased expected recoverable resilient reserves by 10%. The development of resilient hydrocarbon resources, focused on maximising value from existing positions and on high-quality fast-payback new projects, is central to bp’s strategy.


Belarmino Chitangueleca, Acting Chief Executive Officer of the Oil, Gas and Biofuels National Agency highlights the importance of Platina’s first oil in Block 18 and its contribution to the oil production levels in Angola. 

 

“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 the Oil, Gas and Biofuels National Agency


For Adriano Bastos, senior vice-president of bp Angola:
 

“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 also pointed out that “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.” 


-Adriano Bastos, senior vice-president of bp Angola

 

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% stake in Block 18, Sinopec has a 37.72% stake and Sonangol P&P 16.28%.   


About bp in Angola

bp is an integrated energy company and one of the largest foreign investors in Angola, having invested more than $30 billion in almost 30 years.  Through operated and partner operated blocks we have delivered around 15% of Angola’s oil production in the past 15 years. 
bp is the operator of blocks 18 and 31 in deep and ultra-deep waters of the Lower Congo basin. We are also partners in blocks 15,17, 29 as well as the Angola LNG (ALNG) Plant in Soyo and the New Gas Consortium. 
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Cautionary statement:


In order to utilize the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 (the 'PSLRA'), bp is providing the following cautionary statement. This press release contains certain forward-looking statements – that is, statements related to future, not past events and circumstances – which may relate to one or more of the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of words such as 'will', 'expects', 'is expected to', 'aims', 'should', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see' or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under "Risk factors" and in any of our more recent public reports.


This document contains references to non-proved resources and production outlooks based on non-proved resources that the SEC's rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262.
Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.