BP 2010 Annual Report Download - page 48

Businessreview
South America
Trinidad&Tobago
BPholdsexplorationandproductionlicencescovering904,000acres
offshoreoftheeastcoast.Facilitiesinclude13offshoreplatformsandone
onshoreprocessingfacility.Productioncomprisesoil,gasandNGLs.
• On21April2010,BPTrinidad&Tobago’s(bpTT)Serretteplatformwas
installedinTrinidadwatersinbpTT’seastcoastoffshoreacreage.The
Serretteplatformislocated51kilometresnorthofbpTT’sMango
development.Itrepresentstherstdevelopmentinthenorthernarea
ofbpTT’sColumbusBasinacreageandhasbeenequippedtoenable
futuredevelopmentopportunitiesinthisarea.Serrette,bpTT’s
thirteenthoffshoreproductionplatform,isthefthnormallyunmanned
installation(NUI),designedandconstructedinTrinidad&Tobago.The
SerretteprojectwassanctionedinMay2009andhasadesigncapacity
of1billioncubicfeetperdayandwilldeliverapeakproductionof500
millionstandardcubicfeetperday.TheplatformwilltieintotheCassia
Bplatform.Drillingisexpectedtocommenceintherstquarterof2011
andproductionisplannedforthesecondquarterof2011.
Africa
Angola
BPispresentinfourmajordeepwaterlicencesoffshoreAngola(Blocks15,
17,18and31)andisoperatorinBlocks18and31.Inaddition,BPholdsa
13.6%equityintherstAngolanLNGproject.
• InAugust2010,Total,asoperatorofBlock17(BP16.67%),announced
thedevelopmentoftheCravoLirioOrquideaVioleta(CLOV)projectand
theawardoftheprincipalcontracts.Thisprojectisthefourth
developmentinAngola’sdeepwateroffshoreBlock17,afterGirassol,
DaliaandPazor,andislocatedapproximately140kilometresfrom
Luandaand40kilometresnorth-westofDaliainwaterdepthsranging
from1,100to1,400metres.TheCLOVdevelopmentwillleadtofour
eldscomingonstream.Drillingisexpectedtostartin2012andrstoil
isexpectedin2014.Atotalof34subseawellsareplannedtobetied
backtotheCLOVFPSOunit,whichwillhaveaprocessingcapacityof
160mb/dandastoragecapacityofapproximately1.8millionbarrels.
• Sanctionedin2008,PSVMcomprisesthedevelopmentofthePlutão,
Saturno,VênusandMarteelds,inawaterdepthofapproximately
2,000metres,some400kilometresnorth-westofLuanda.In2010,BP
commencedtheoffshorestageofthismajorprojectwiththearrivalof
severalvesselsintoAngolawaters.Pileinstallationhasbeencompleted
andinstallationoftheproductionowlinesstarted.Paralleltothis,in
SingaporethePSVMFPSOwasmodiedtoincludethenewTurret
SupportStructure.OilproductionfromPSVMisscheduledtostartin
2011.TheremainingdiscoveriesinBlock31willbedevelopedthrough
hubssimilartotherstdevelopment,PSVM.
Algeria
BPisapartnerwithSonatrachandStatoilintheInSalah(BP33.15%)and
InAmenas(BP45.89%)projects,whichsupplygastothedomesticand
Europeanmarkets.BPisalsoinajointventurewithSonatrachinthe
RhourdeElBaguel(REB)oileld(BP60%),anenhancedoilrecovery
project75kilometreseastoftheHassiMessaoudoileld.Inaddition,BPis
inajointventurewithSonatrachintheBourarhetSudblock,locatedtothe
southwestofInAmenas.
• In2010,theInSalahcompressionsprojectsuccessfullyachieved
rstgas.
• During2010,thenextphaseoftheInAmenasdevelopmentwas
approvedwiththeawardoftheengineeringprimarycontractsfor
compression.TheInSalahSouthernFieldsprojectisexpectedto
beapprovedinearly2011withrstgasforbothprojectsexpected
by2014.
• InSeptember2010,theAlgeriangovernmentapprovedanextensionto
thesecondprospectingperiodfortheBourarhetSudblock.
Libya
InLibya,BPisinpartnershipwiththeLibyanInvestmentCorporation(LIC)
toexploreacreageintheonshoreGhadamesandoffshoreSirtbasins,
coveredundertheexplorationandproduction-sharingagreementratiedin
December2007(BP85%).BP’snetassetsinLibyaat31December2010
were$212million.
• T herstphaseoftheoffshore3Dseismicacquisitionwascompletedin
October2009,fulllingBP’smarine3Dseismiccommitment.The
programmecoveredasurfaceareaof17,000squarekilometresand
wasthelargestoffshore3Dproprietarysurveyeverundertakenbyan
internationalenergycompany.Itinvolvedthedeploymentofthelargest
andmostpowerfuldata-processingfacilityeverinstalledonaseismic
vesselandincludedatechnologytrialofamulti-azimuth(MAZ)seismic
technique,thersteverthree-azimuthseismicsurveyinLibyanwaters.
• Theonshore3DseismicacquisitioninBP’sGhadamesacreage
commencedinNovember2008andisongoing.This14,000square
kilometrecommitmentrepresentsoneofthelargestsingle3Dland
seismiccommitmentsintheindustry.
 Theprogrammeinvolvestherstat-scaledeploymentoftheISS™
seismicacquisitiontechnology,acutting-edgeproprietaryBP
techniqueusingindependentsimultaneoussourcesthatisallowing
BPtooperateoneofthemostefcientlandseismicprogrammesin
theworldtoday.ThetechnologyhasenabledBPtoacquirehigh-quality,
densely-sampled3Dlanddataforthesamecostas3Dmarineor2D
landdatawhileminimizingenvironmentalimpacts,amajorachievement
fortheindustry.
• D uetotheoutbreakofpoliticalunrestinLibya,theBPofceinTripoli
wasclosedon21February2011andourLibyanoperationssuspended.
AllBPexpatriatestaffandtheirfamilieshavebeenevacuatedfrom
Libya.Currently,itisnotpossibletosaywhatimpacttheongoing
unrest,potentialpoliticalchangesandinternationalsanctionswillhave
onthenow-suspendedseismicoperationsandstart-upofthe
explorationdrillingprogrammewhichhadbeenscheduledto
commenceonshoreandoffshorein2011.
Egypt
BPhasalong-standinghistoryinEgypt,successfullyoperatingtherefor
over45years.TodateBPhasproducedalmost40%ofEgypt’sentireoil
productionandsuppliesmorethan35%ofthedomesticgasdemandwith
itspartners.In2010,BPEgyptproductionwas133mboe/d.Netassetsat
31December2010were$6,107million.BPisworkingtomeetEgypt’s
domesticmarketgrowthbyactivelyexploringintheNileDeltaand
investingtoaddproductionfromexistingdiscoveries.
• InJuly2010,BPsignedanewagreementwiththeEgyptianMinistry
ofPetroleumandtheEgyptianGeneralPetroleumCorporationto
developthesignicanthydrocarbonresourcesintheNorthAlexandria
andWestMediterraneandeepwaterconcessions.Productionfromthe
WestNileDeltadevelopment,atanestimatedinvestmentof$9billion
gross,isprojectedtoreachupto1billioncubicfeetperday,providinga
majornewsourceofgasforthedomesticmarketinEgypt.Therst
phasewilldevelopgasandassociatedcondensatethroughsubsea
developmentofveoffshoreeldsintoanewpurpose-builtonshore
gasplantonEgypt’sMediterraneancoast.Firstgasisexpectedin
late2014.Thenewagreementamendsthecommercialtermsand
thegovernancestructureforthetwoconcessionslocatedinthe
WestNileDelta,enablingBPanditspartner,RWEDea,toproceed
withthedevelopment.
• On24November2010,BPannouncedthatithasmadeasignicant
gasdiscoveryinthedeepwaterWestNileDeltaarea.TheHodoa
discoveryislocatedintheWestMediterraneandeepwaterNileDelta
concession,some80kilometresnorthwestofAlexandria.The
WMDW-7wellwasdrilledtoadepthof6,350metresandistherst
OligocenedeepwaterdiscoveryintheWestNileDeltaarea.Further
appraisalisunderway.BPoperatesandholds80%oftheWest
MediterraneandeepwaterconcessionwithRWEDeaholdingthe
remaining20%.HodoawasdrilledbythePrideNorthAmerica
semi-submersiblerig,inawaterdepthof1,077metres.
46BPAnnualReportandForm20-F2010