BHP Billiton commits to $2.2bn investment in Gulf of Mexico deep-water JV with BP

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.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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