Angola’s Sonangol and BP signed an agreement to progress to final investment decision the development of the Platina field in deepwater Block 18, offshore Angola. They also agreed to extend the production licence for the BP-operated Greater Plutonio project on Block 18 to 2032, subject to government approval, and for Sonangol to take an 8% equity interest in the block.

Platina would be BP’s first new operated development in Angola since the PSVM project in Block 31 began production in 2013. It would be the second phase of development in Block 18 – the Greater Plutonio project started up in 2007.

Bob Dudley, group chief executivesaid:
"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."

The agreements were signed in Luanda today by Chairman of the Board of Directors of Sonangol Carlos Saturnino and BP group chief executive Bob Dudley.

Carlos Saturnino said:
“These agreements are a positive sign of the work being done by Sonangol and the Angolan government to generate more investment in our oil industry and take us a big step closer toward increasing production from Block 18. BP has been a key partner for Sonangol and Angola for many years, having contributed to the development of the oil and gas industry through its operated and partner-operated blocks, and we look forward to continuing to work together in the years to come.”

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. I would like to thank President Lourenço, the government and Sonangol for their vision, leadership and drive to improve the industry’s competitiveness and encourage new investment. BP is proud to be a partner with Angola and the signing of these agreements is a major step towards further realising the potential of Angola’s natural resources.”

Discovered in 1999, the Platina field, in water depth of approximately 1,300 metres, is planned to be developed as a subsea tie-back to the existing Greater Plutonio floating production, storage and offloading vessel (FPSO). The final investment decision for the development is anticipated in the second quarter of 2019 with first oil then expected in late 2021/early 2022. The production licence extension will enable later life production from the Greater Plutonio fields as well as the future output expected from Platina.

BP and Sonangol also signed two further memoranda of understanding (MOUs) regarding potential further access and exploration offshore Angola and co-operation in a planned new products and crude terminal and storage facility in Angola.

Under one MOU the companies agreed to progress discussions for further exploration activities in Blocks 31 and 18, to enter discussions for Blocks 46 and 47, and to explore options in Block 18/15.

The second MOU enables them to enter discussions regarding financing and construction of the planned terminal and storage facility at Barra do Dande in Bengo province, approximately 30 kilometres north of Luanda.

About BP

BP (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.

About Sonangol

Sonangol — Sociedade Nacional de Combustíveis de Angola, E.P. — is the sole concessionaire for exploration of oil and gas exploration on the subsoil an​d continental shelf of Angola, and is responsible for the exploration, production, manufacturing, transportation and marketing of hydrocarbons in Angola. We operate in an efficient safe and transparent manner, and are committed to environmental protection. Our purpose is to promote the harmonious development of the country and reinforce sustainable use of hydrocarbon resources.