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