bp angola to comply with opec new production quota

BP Angola to Comply With OPEC's New Production Quota

11-23-2008

The Angolan output of BP PLC and other operators is being impacted by the Organization of Petroleum Exporting Countries' cut decision in October, a BP executive said.

Speaking on the sidelines of an Angola conference, Jim Campbell, vice-president for projects at BP's Angola unit, said "we have been asked for a little less production" as a result of the OPEC cut decision.

He added that the amount being reduced was about 40,000 barrels a day for BP. He said the cut had also been requested from other Angola operators. But Chevron Corp. said over the weekend its production was running as normal.

Campbell added that production at BP's Angola Plutonio oil field, which has a 240,000 barrels a day capacity, has resumed mid-October after a shut down and was now 200,000 barrels a day to comply with an OPEC quota.

OPEC decided on Oct. 24 to reduce its production by 1.5 million barrels a day, with Angola agreeing to cut 99,000 barrels a day. An Angolan official said earlier this month that Angola was implementing the cut in two stages this month and in December.