British multinational BP has signed an agreement with national oil company Sonangol for the development of the Platina field located in Block 18 offshore Angola.
The Platina field – which represents the next development in the block – will be developed as a subsea tie-back to the existing Greater Plutonio floating production, storage and offloading unit.
Under the agreement, BP will also receive an extension of its production license for the Greater Plutonio project – in which Sonangol will be entitled to an eight percent stake – until 2032.
First production at the Platina field is anticipated for late-2021 or early-2022 and would represent BP’s first new operated development in Angola since the start-up of its PSVM project in Block 31 in 2013.
BP and Sonangol have also signed two additional Memorandums of Understanding regarding offshore exploration, a crude oil terminal and expanded storage facilities in Angola.