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2/13/2019, 10:35 AM (Source: TeleTrader)
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BHP approves funds for project with BP in Gulf of Mexico

Australian mining giant BHP Group announced on Wednesday its board gave a green light to the funding for the expansion of the BP Plc. led project Atlantis Phase 3 in the Gulf of Mexico. The amount of finances approved by the board amounts to $696 million, the company said on its website. BHP holds a 44% interest in the project, with BP owning 56%.

Atlantis Phase 3 is situated around 208 kilometers off the coast of Louisiana. The project will focus on construction of eight new production wells aimed at gaining access to infill resources, with plans to use the existing infrastructure and marketing deals. The project is planned to onset next year and the expected production increase is approximately 38,000 barrels of oil equivalent per day.

"The Atlantis Phase 3 project provides a competitive opportunity to deliver on our strategy to grow resources in Tier 1 conventional deepwater assets. The project will further expand the Atlantis field and will provide cost-efficient, near term volumes," BHP's chief of operations petroleum Steve Pastor commented.

Baha Breaking News (BBN) / SS