BP Plc Announces Start of Production at PSVM Project Offshore Angola

BP Plc announced that production from the PSVM development area in Block 31, offshore Angola, has started. Initial production comes from three production wells in Plutao field and is expected to ramp up to around 70,000 barrels of oil per day. PSVM is expected to build towards plateau rates of 150,000 barrels of oil per day over the coming year with the additional production from Saturno and Venus fields in 2013 and Marte in 2014. The PSVM development consists of four oil fields - Plutao, Saturno, Venus and Marte - discovered in 2002-04 in water depths of up to 2,000 meters and is the second BP-operated development in Angola.