BP Plans Expansion of Angola Activities
December 17 2018 - 9:09AM
Dow Jones News
By Carlo Martuscelli
BP PLC (BP.LN) said Monday that it has signed an agreement with
Angola's national oil company to further develop its activities in
the country.
The company said it agreed with Sonangol to take a final
investment decision for the Platina field in the second quarter of
2019, with first oil in late 2021 or early 2022. The Platina field
was discovered in 1999 and is at a water depth of around 1,300
meters.
BP and Sonangol also agreed to extend a production license for
the Greater Plutonio project to 2032, and for Sonangol to take an
8% stake in the project, the British energy major said.
The two companies signed memoranda of understanding regarding
potential future access and exploration offshore Angola, as well as
cooperation in a new crude terminal and storage facility in the
country, BP said.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
December 17, 2018 08:54 ET (13:54 GMT)
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