BP’s PSVM in Angola to Reach Peak Oil Output Sooner Than Planned

BP Plc said that Angola’s PSVM project, the largest subsea oil and gas development, will reach peak production of 150,000 barrels of oil a day in December, earlier than previously expected.

The company said in January that output wouldn’t reach that level until 2014. The project is currently producing about 100,000 barrels a day, up from 70,000 barrels earlier this year, said Martyn Morris, BP’s regional president.

‘There aren’t any delays,’’ Morris said in an interview on June 10 in the capital of Luanda.

Angola is one of BP’s most profitable production hubs, and the development of PSVM, named after the Plutao, Saturno, Venus and Marte fields, has already received about $10 billion of investment, state-run Televisao Publica de Angola reported June 10. BP’s partners in the project include Sonangol, the Angolan state oil company, Statoil ASA and Marathon Oil Corp.

Angola endured a 27-year civil war that ended in 2002. It’s now the second-largest oil producer in Africa after Nigeria with output of 1.8 million barrels of oil a day.

“This is a milestone not just for Angola but also for the world,” Morris said. “We are happy with how PSVM is doing.”

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