An oil platform of
the US Pride company
at work off the coast
of Angola
Luanda, Angola — 25 June 2013 – The total value of investments to be made by BP Angola will amount to over US$20 billion by the end of the decade, or around US$3 billion per year, the company has revealed in interview in the Angolan capital.

Revealing this to the Angolan newspaper O País, regional president Martyn Morris said that the company planned to increase daily production from 190,000 barrels to 250,000 barrels. This was as a result of exploration projects it was carrying out with its partners in Blocks 15 and 17 and its reserves in Blocks 18 and 31, reports Macauhub News Agency.

“We’d like to think we can have net production of around 250,000 barrels per day, which takes into account, on the one hand, the decline of some oil fields and, on the other, new production and what is projected for Blocks 15 and 17,” Morris added.

The expected increase in production does not include the pre-salt layer in the Kwanza and Benguela basins, where, in December 2011, BP signed production-sharing agreements to operate Blocks 19 and 24 and stakes in Blocks 20 and 25, and also acquired 40% of Block 26.

Speaking about Angola, Morris said that in May production had totalled almost 1.8 million barrels per day and that it was “perfectly possible to achieve the target of 2 million barrels per day set by the Angolan government, which may happen within two or three years.”

He went on to point out that if prospecting in the Kwanza basin was successful, production could even reach 3 million barrels per day.

Source: Macauhub News Agency. For more information, click here.