BHP Approves Funding for BP-led GoM Project

Wednesday, February 13, 2019

BHP Group, the world's largest miner, said on Wednesday its board has approved $696 million in funding to expand production at the BP PLC-led Atlantis oil project in the U.S. Gulf of Mexico.

The move comes about a month after London-listed oil and gas major BP discovered further oil prospects in the Gulf of Mexico, including additional oil in the Atlantis field. BP said the total cost of developing the project would be around $1.3 billion.

BP has a 56 percent interest in the Atlantis field, while BHP holds the remaining 44 percent.

First production for the project is expected in 2020, BHP said in a statement, and is expected to increase production by about 38,000 barrels of oil equivalent per day at its peak.

BHP said it had also approved $256 million in funding for additional drilling and study at its 60 percent-held Trion field in Mexico.

The Mexican government-owned PEMEX holds the rest of Trion.

BHP's Australian shares ended 0.6 percent lower, while the benchmark fell about 0.3 percent.


(Reporting by Ambar Warrick in Bengaluru; editing by Richard Pullin)

Categories: Finance Engineering Industry News Production North America

Related Stories

US-Israel War on Iran Creates Biggest Energy Crisis in History

MidEast Energy Output Recovery to Take Two Years, IEA Says

Oil Rises as Fragile Middle East Ceasefire Sustains Supply Risks

France Leads 15-Country Effort to Reopen Strait of Hormuz

Energy Crisis from War on Iran Deeper Than Widely Assumed

IEA: Current Oil And Gas Crisis Exceeds Past Shocks Combined

China’s Sinopec Plans to Skip Iranian Oil, Tap Strategic State Reserves

Offshore Vietnam: Energy Imports Rise as Domestic Production Falls

Eni Advances Major Deep Water Gas Hubs with Dual FIDs

Eni: New Gas Discoveries in Libya

Current News

Saipem Poised for Middle East Repair Work After Iran War

Middle East Conflict Jolts Offshore Drilling Market

Bureau Veritas Expands Offshore Services with New Asia Hub

Valeura Charters Shelf Drilling’s Jack-Up Rig for Gulf of Thailand Ops

Oil Prices Jump as Ships Come Under Fire in Strait of Hormuz

US-Israel War on Iran Creates Biggest Energy Crisis in History

Jadestone Secures Gas Sales Deal for Fields Offshore Vietnam

Oil Flows to Lag Even if Hormuz Strait Reopens

Eni Makes Major Gas Discovery Offshore Indonesia

Strike Threat Grows at Ichthys LNG after Workers Reject Deal

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com