Petroleum Africa
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Tuesday, April 13, 2004
An agreement has been reached between OVL and Shell Development Angola for OVL’s purchase of Shell’s entire 50% interest in the deepwater offshore Block 18 in
The transaction, which is subject to approvals by the Angolan government and Sonangol, and preemption rights of BP and Sonangol, should be complete before mid-2004. OVL will be paying Shell an estimated $600 million, assuming completion by the middle of 2004.
The Greater Plutonio project, involving development of six fields in water depths ranging between 1,200 to 1,500 metres, will be the first development in
BP recently received authorization from Sonangol to proceed with the awarding of major contracts. First production is targeted for 2007. Production is expected to peak at more than 200,000 bpd
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