BP said on Monday it had signed an agreement with Sonangol to progress to final investment decision the development of the Platina field in deepwater Block 18, offshore Angola.

The two companies 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 take an 8% equity interest in the block, BP said on Monday.

Platina would be BP’s first new operated development in Angola since the PSVM project in Block 31 began production in 2013. It would be the second phase of development in Block 18 – the Greater Plutonio project started up in 2007.

The agreements were signed in Luanda on Monday by Chairman of the Board of Directors of Sonangol Carlos Saturnino and BP group chief executive Bob Dudley.

Saturnino said: “These agreements are a positive sign of the work being done by Sonangol and the Angolan government to generate more investment in our oil industry and take us a big step closer toward increasing production from Block 18.”

Dudley said: “The signing of these agreements represents an important milestone in our relationship with Sonangol. It is a major step towards new investments for BP’s business in Angola, extending production from Greater Plutonio and boosting the nation’s oil output.”