Angola Oil Minister Says PSVM Field Has Started Operations

Angola’s PSVM oil project, operated by BP Plc, has started operations, according to the country’s oil minister.

“PSVM, on Block 31, has already begun producing.” Jose Maria Botelho de Vasconcelos, Angola’s minister of petroleum, said today in Luanda. “We can consider the start of this production a positive sign”

The PSVM project, an abbreviation for the Plutao, Saturno, Venus and Marte fields, is the latest addition to Angola’s growing oil supply. Two cargoes of Saturno crude are scheduled to be exported in January, according to loading programs obtained by Bloomberg.

Angola’s crude output has averaged 1.75 million barrels a day so far this year, making the OPEC member nation Africa’s second-largest producer, after Nigeria, according to data compiled by Bloomberg.

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