BP raises estimate of Angolan offshore production project

BP has upped the cost estimate for its PSVM development project off the Angolan coast from $10 billion to more than $14 billion following a one-year delay in production. A floating production, storage and offloading vessel, which was converted from a crude oil tanker in Singapore, is being used in the project. "We probably underestimated the length of time it was going to take -- both doing the conversion in Singapore, and the extent of the installation activity [in Angola]," said Gerry McGurk, BP Angola's vice president of developments.

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