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

Dolphin Drilling, Vantris Ink Marketing Deal for Blackford Dolphin Semi-Sub

MISC, PTSC Extend Ruby II FPSO Operations Offshore Vietnam

Petronas Takes Operatorship of Oman’s Offshore Block 18

Mubadala Hires SLB for Deepwater Drilling Services Offshore Indonesia

Japan's Mitsui in Advanced Talks for Stake in Qatar’s North Field LNG Project

Japan’s JERA Agrees Long-Term LNG Supply from Middle East

Eni Enlists Shearwater for 3D Seismic Survey in Timor Sea

CNOOC Puts New South China Sea Development Into Production Mode

ABL to Support Platform Installations, Rig Moves for Chevron in Gulf of Thailand

PTTEP Orders OneSubsea Systems for Two Deepwater Projects off Malaysia

Current News

MISC Secures Long-Term Charter for Papua New Guinea's First FSO

Dolphin Drilling, Vantris Ink Marketing Deal for Blackford Dolphin Semi-Sub

Saipem Agrees $272M Deal to Acquire Deep Value Driller Drillship

DUG Hooks Multi-Client Seismic Reprocessing Survey off Malaysia

MISC, PTSC Extend Ruby II FPSO Operations Offshore Vietnam

Petronas Takes Operatorship of Oman’s Offshore Block 18

Mubadala Hires SLB for Deepwater Drilling Services Offshore Indonesia

Malaysia Offers Nine Exploration Blocks in 2026 Bid Round

Seatrium Unit Launches Arbitration Against Petrobras over FPSO Contract

Transocean-Valaris Tie-Up to Create $17B Offshore Drilling Major with 73 Rigs

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