PSVM

PSVM Oil Project Profile

Location and Geology

The PSVM oil project is located in the north-eastern sector of Block 31, approximately 400 kilometers from Luanda, Angola. The project operates in water depths of up to 2,000 meters.

Fields and Discoveries

The PSVM development area includes four oil fields: Plutão, Saturno, Venus, and Marte. These fields were discovered between 2002 and 2004, with Plutão discovered in September 2002, Saturno in July 2003, Marte in November 2003, and Venus in June 2004.

Operator and Partners

BP Exploration Angola Limited is the operator of Block 31, holding a 26.67% share. The other partners include:

• Sonangol E.P. (concessionaire) - 25%
• Sonangol P&P - 20%
• Statoil Angola A.S. - 13.33%
• Marathon International Petroleum Angola Block 31 Limited - 10%
• SSI 31 Ltd - 5%.

Project Development

The project involves several key components:

• FPSO (Floating Production, Storage, and Offloading Vessel):

  • The FPSO PSVM was converted from the very large crude carrier (VLCC) tanker Ex-Bourgogne by MODEC, with the conversion work subcontracted to Jurong Shipyard. The FPSO has a processing capacity of 157,000 barrels of oil per day and 245 million cubic feet per day of gas, along with a storage capacity of 1.6 million barrels of oil.

• Wells and Subsea Infrastructure:

  • The project includes drilling 48 production wells, which are divided into 22 initial producers, 16 water injectors, two gas injectors, and eight later infill wells. These wells are connected to 15 subsea manifolds and associated subsea equipment. The project also involves laying 170 kilometers of flowlines and 95 kilometers of control umbilicals.

• Mooring System:

  • The FPSO is moored using a SOFEC external turret mooring system comprising 12 mooring lines. First Subsea supplied the mooring connectors for the FPSO.

Production and Capacity

• Initial Production:

  • Production started in January 2013 with initial output from three production wells in the Plutão field, producing approximately 70,000 barrels of oil per day.

• Plateau Production:

  • The project is expected to reach plateau rates of 150,000 barrels of oil per day as production ramps up with the additional fields coming online. Saturno and Venus fields started production in 2013, and Marte field began production in 2014.

Contractors and Service Providers

• MODEC: Awarded the frame agreement for the supply of the FPSO under an EPCI (Engineering, Procurement, Construction, and Installation) contract.
• Jurong Shipyard: Converted the VLCC tanker Ex-Bourgogne to the FPSO PSVM.
• Heerema Marine Contractors (HMC): Involved in laying pipe-in-pipe production flowlines, service flowlines, vertical risers, and other ancillary structures.
• Subsea 7: Provided project management, engineering, and installation services for the subsea infrastructure.
• Aker Solutions: Managed the mooring installation contract.
• Halliburton: Provided well completions, drilling and completions fluids, and other services.

Local Content and Economic Impact

• The project included more than 20% local content in the manufacture and assembly of key components in various construction yards in Angola, such as Soyo, Dande, Luanda, Porto Amboim, and Lobito.

Historical Milestones

• 1999: BP signed a Production Sharing Agreement (PSA) for Block 31.
• 2002-2004: Discoveries of the Plutão, Saturno, Venus, and Marte fields.
• 2008: Sonangol authorized BP and its co-venturers to develop the fields, and MODEC was awarded the FPSO contract.
• 2010: Conversion of the VLCC tanker Ex-Bourgogne to FPSO PSVM was completed.
• 2012: First oil was achieved in December, and the FPSO was moored to its location in May.
• 2013: Production started in January, with the first three wells in the Plutão field coming online.

Technical and Operational Highlights

• The PSVM project is one of the largest subsea developments in the world and the first ultra-deepwater development in Africa.
• The project involves rigorous planning and execution to ensure the successful installation of completions, maintain sand-control integrity, and provide full functionality of the installed equipment.
• The wells are completed in poorly consolidated Miocene turbidite sandstone reservoirs, requiring downhole sand control for all development wells.