BP, a British multinational oil and gas company, has announced that production at its Platina deepwater oil field in Block 18, 140 kilometres off the coast of Angola, has begun 44 days ahead of schedule and 25% under the initial budget set by the contractor group, Angola’s National Oil, Gas, and Biofuels Agency (ANPG). The oilfield is predicted to have 44 million barrels of oil reserves and a maximum production capacity of 30,000 barrels per day (bpd).

The field is part of the Greater Plutonio development, which also comprises the Galio, Cromio, Paladio, and Cobalto fields, and is connected to the Greater Plutonio floating production, storage, and offloading (FPSO) vessel.

The field’s development is estimated to expand recoverable resilient reserves by 10%, according to BP Angola, while ANPG sees the project as a substantial boost to the southern African country’s oil production capability.

The Acting CEO of ANPG, Belarmino Chitangueleca, said: “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.”

Commenting, the Senior Vice President of BP Angola, Adriano Bastos, said: “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.”

“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.”

“It remains a mark of pride for BP in Angola. After nine years, [we] have first oil from a new project, and this opens up other opportunities. We have other projects online, like the new production center where we will have the first oil around 2026.”

The Platina oil field is projected to support Angola’s oil production capacity, with the country’s Ministry of Mineral Resources, Oil, and Gas indicating that the country’s oil production may be stabilised at 1.3 million barrels per day (bpd) over the next three years.

Block 18 is operated by BP Angola with a 46% stake, Sinopec with a 37.72% stake and a subsidiary of the Angolan national oil company, Sonangol P&P, with a 16.28% interest.