Petroleum Africa
Find us on: 
Tuesday, April 30, 2013
The massive PSVM development offshore Angola operated by BP came in a bit over budget according to a report in the Daily Telegraph. The newspaper cited a company official as saying the project came in $4 billion over its original budget after being delayed by a year.
The project was originally scheduled to come onstream in late-2011, but did not see oil flows until Q4 2012.
The total for the project is now expected to be “up over $14 billion” once all the wells have been drilled and connected, Gerry McGurk, BP Angola’s VP, disclosed, according to the Daily Telegraph.
“We probably underestimated the length of time it was going to take–both doing the conversion in Singapore, and the extent of the installation activity [in Angola],” Martyn Morris, regional president of BP Angola said, according to the report.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
