BP picks up deepwater Angola blocks

BP has secured access to five new deepwater exploration and production blocks offshore Angola.

Offshore staff

LUANDA, Angola – BP has secured access to five new deepwater exploration and production blocks offshore Angola.

The company signed production-sharing agreements with Sonangol for four blocks covering 19,400 sq km (7,490 sq mi) in the Kwanza and Benguela basins. BP was awarded operatorship of blocks 19 and 24 with 50% interests, and non-operating interests in blocks 20 (20%) and 25 (15%).

Separately, BP has taken a 40% stake in the 4,840-sq km (1,868-sq mi) block 26 in the Benguela basin via a farm-in deal with operator Petrobras.

With block 26, the five new blocks cover a total area of 24,000 sq km (9,266 sq mi) in water depths from 200-2,500 m (656-8,202 ft).

BP expects its first development in ultra-deepwater block 31, PSVM, to start production in 2012 producing 150,000 b/d at plateau.

Other results from the Angola lease sale include block awards to Eni and Statoil.

12/21/2011

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