BP Inks Agreement with Sonangol Over Offshore Block 18

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.

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