BP plans US$15 billion investment in Angola’s new oilfields

bpAngola plans to produce 1.63mn bpd by the end of 2014, according to the country’s oil minister. (Image source: futureatlas/Flickr)British explorer BP has announced that it will invest US$15bn to explore and develop new oilfields in Angola

According to Ventures Africa report, BP, till date, has invested more than US$25bn in its Angola assets and intends to invest another US$15bn in the west African country over the next 10 years.

Currently, BP operates Blocks 18 and 31 in the deep and ultra-deep waters of the Congo Basin and Blocks 19 and 24 in the Kwanza and Benguela Basins. It also holds non-operating participation in Blocks 15, 17, 20, 25 and 26, as well as the Angola LNG project in Soyo.

The multinational explorer also added that its net average production in Angola is around 200,000 bpd.

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