Both companies have also agreed to extend the production license for the BP-operated Greater Plutonio project on Block 18 to 2032, subject to government approval, and for Sonangol to acquire an 8% stake in the block.
BP, the operator of Block 18, has a 50% interest, and Sonangol Sinopec International (SSI) holds the remaining 50%.
The Greater Plutonio development was the first BP-operated asset and consists of Galio, Cromio, Cobalto, Paladio, and Plutonio fields, discovered between 1999 and 2001.
Platina will be BP’s first new operated development in Angola since the PSVM project in Block 31 began production in 2013, and will be the second phase of development in Block 18.
The Greater Plutonio project was launched in 2007.
Discovered in 1999 in water depth of nearly 1,300 meters, the Platina field is planned to be developed as a subsea tie-back to the Greater Plutonio floating production, storage and offloading vessel (FPSO).
The final investment decision is expected in the second quarter of 2019 and first oil by early 2022.
The extension of license will facilitate later life production from the Greater Plutonio fields and the future output expected from Platina.
BP and Sonangol have also signed two memoranda of understanding (MoUs) for further access and exploration offshore Angola and cooperation in a planned new products and crude terminal and storage facility in Angola.
Under the first MoU, the companies will take forward discussions on further exploration activities in Blocks 31 and 18; initiate discussions on Blocks 46 and 47; and explore options in Block 18/15.
The second MoU allows both companies to discuss financing and construction of the terminal and storage facility at Barra do Dande in Bengo province, 30km north of Luanda.
