BHP Approves $696MM Funding for BP Project
BHP’s board has approved $696 million in funding to develop BP plc’s Atlantis Phase 3 project in the U.S. Gulf of Mexico, BHP announced Wednesday.
BP approved a $1.3 billion expansion for the Atlantis Phase 3 development in early January.
BHP holds a 44 percent interest in the Atlantis field and BP holds 56 percent interest.
The Atlantis Phase 3 project is a subsea tieback of eight new production wells that will be drilled to access infill resource opportunities. First production is expected in happen in 2020 and increase production by about 38,000 barrels of oil equivalent per day at peak.
“The Atlantis Phase 3 project provides a competitive opportunity to deliver on our strategy to grow resources in Tier 1 conventional deepwater assets,” Steve Pastor, BHP President Operations Petroleum, said in a release.
BHP also announced it approved $256 million funding to drill an additional appraisal well (3DEL) in the Trion field offshore Mexico.
The 3DEL appraisal well and studies are meant to confirm the volume and composition of hydrocarbons near the crest of the Trion structure, and study the viability of development of the Trion field.
“A further appraisal well at Trion, following the recent encouraging results at the 2DEL appraisal well, reduces investment risk and adds value to this project. If Trion is determined to be commercial, these funds will also provide an option to potentially accelerate development of Trion,” Pastor said.
The 3DEL appraisal well is expected to be drilled in the second half of 2019.
BHP holds a 60 percent interest (and operatorship) in Trion while PEMEX holds a 40 percent interest.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- USA Driving Activity to Increase to All-Time Highs
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension