Anglo-Australian multinational miner and petroleum company BHP Billiton has approved a $2.2bn investment in phase two of the Mad Dog oilfield in the Gulf of Mexico, according to Reuters.
The project is a joint venture with BP in the Green Canyon area and BP will be the operator as well as the majority partner.
BHP Billiton’s stake is 23.9% compared to BP’s 60.5%. The remaining 15.6% stake is held by Union Oil Company of California, which is a Chevron company.
Costs of the project will include a new floating production facility capable of producing 140,000 barrels per day from 14 wells.
Production is expected to begin in late 2021 or early 2022.