BHP approves funding for Atlantis Phase 3 project, further Trion appraisal well

Writer, Stock Market Wire
Wednesday, February 13, 2019 - 08:14

Miner BHP said Wednesday it had approved $696m in funding to develop the Atlantis Phase 3 project in the US Gulf of Mexico with first production expected in 2020. The company also approved funding additional for an additional Trion appraisal well.

First production from the Atlantis Phase 3 project was expected in the 2020 calendar year and estimated to increase production by about 38,000 barrels of oil equivalent per day gross at its peak, BHP said.

BHP held a 44% stake in the Atlantis field. BP, as operator, held a 56% stake.

The company also approved $256m in funding to drill an additional appraisal well in the Trion field in Mexico to confirm 'the volume and composition of hydrocarbons near the crest of the Trion structure.'

The appraisal well was expected to be drilled in the second half of the 2019 year.

At 8:14am: (LON:BHP) share price was +6.9p at 1737.7p

Related content

BHP confident despite economic gloom and Persimmon takes a more thorough path

“A pick-up in corporate news stimulated interest in the markets including new sales data driving shares in UK supermarkets. Investors also seemed more upbeat in...

Tue, 20/08/2019 - 09:52

BHP ups dividend as annual profits dented by production outages adverse weather

BHP increased its dividend even as the miner's annual underlying profits were dented by production outages and adverse weather including Tropical Cyclone Veronica.

For the...

Tue, 20/08/2019 - 07:41

The DNA of the FTSE 350


If you are new to stock market investing you may still have heard of the FTSE 100. It frequently appears on TV news bulletins and...

Thu, 15/08/2019 - 00:00

Pound hurting, activist targets Saga, destocking holds back Premier Foods, and relief for TalkTalk

“The pound is under increasing pressure as we draw closer to a decision on the Tory leadership contest and Brexit. It fell a further 0.1%...

Wed, 17/07/2019 - 09:57

BHP expects improved production after annual copper output slips

BHP said it expected to output to improve in the fiscal year after the miner saw group annual copper equivalent production decline amid several unplanned...

Wed, 17/07/2019 - 07:32