Bloomberg News

Angola Oil Minister Says PSVM Field Has Started Operations

December 06, 2012

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.

To contact the reporter on this story: Candido Mendes in Luanda at cmendes6@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus