January 31, 2013 / 9:05 AM / in 5 years

BP says production starts at PSVM project in Angola

Jan 31 (Reuters) - BP Plc said it had begun production from the PSVM development area in Block 31 offshore Angola and expects to ramp up output 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 additional production from Saturno and Venus fields in 2013 and Marte in 2014.

The PSVM development consists of four oil fields - Plutão, Saturno, Vénus and Marte.

PSVM ranks among BP’s list of top projects along with Clochas Mavacola, also in Angola, Galapagos in the U.S. Gulf and Devenick in the North Sea.

BP holds a 26.67 percent working interest in the project.

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