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BP and partners confirm investment in Angola

* Project expected to produce approximately 40,000 additional barrels of oil per day

* Production sharing agreement extends operationst through to 2032


WEBWIRE

BP and partners today confirmed they have agreed further investment into deepwater Block 15, offshore Angola as part of an agreement with Angola’s National Agency for Petroleum, Gas and Biofuels (NAPGB).

The agreement will extend the production sharing agreement for the Block 15 through 2032 The deal will also give the state-owned company Sonangol a 10% equity interest in the block. Operated by Esso Angola, Block 15 has produced more than 2.2 billion barrels of oil since 2003.

The new investment is expected to result in an additional 40,000 barrels of oil production per day and increased subsea flowline capacity. It also includes a multi-year drilling programme.
“This is a major step forward for Block 15, unlocking significant future investment and production opportunities, and extending the life of the asset. BP is proud to be a significant partner in block 15 and we welcome Sonangol as a new partner. We acknowledge and thank the block operator Esso, Sonangol, the Agency, the Ministry and partners for their collaboration and hard work in achieving this agreement,” said Stephen Willis, BP Angola Regional President.

The extension is an important milestone for BP’s Angola business and is well-aligned with the Angolan government’s new legislation, which enables the development of marginal fields and allows companies to assess and evaluate the developability of additional fields adjacent to existing acreage.
Under the agreement, Sonangol joins the contractor group with a 10% interest, block operator Esso Angola retains a 36% stake, BP Angola has a 24% interest, ENI Angola Exploration 18% and Equinor Angola 12%. 

Notes to editors
  • BP Angola is the operator of deepwater Blocks 18 and 31 offshore Angola and has interests in Blocks 15, 17, 20 and the Angola LNG project in Soyo. 
  •  Angola is one of BP´s key oil provinces for hydrocarbon exploration and development and a major part of the BP group´s activity in deepwater exploration and production. BP Angola has a total acreage of more than 32,600km2 in Angola. 
  • In the last 15 years, BP Angola invested more than $100 million in social projects in the areas of education, enterprise development and capacity building for health, safety and environment. 

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Cautionary statement

In order to utilize the ’safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ’PSLRA’), BP is providing the following cautionary statement. This press release contains certain forward-looking statements – that is, statements related to future, not past events and circumstances – which may relate to one or more of the financial condition, results of operations and businesses of BP and certain of the plans and objectives of BP with respect to these items. These statements are generally, but not always, identified by the use of words such as ’will’, ’expects’, ’is expected to’, ’aims’, ’should’, ’may’, ’objective’, ’is likely to’, ’intends’, ’believes’, ’anticipates’, ’plans’, ’we see’ or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under “Risk factors” and in any of our more recent public reports. This document contains references to non-proved resources and production outlooks based on non-proved resources that the SEC’s rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262. Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.


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