BHP Billiton has agreed to spend $2.2 billion for its share of the BP-operated Mad Dog Phase 2 project in the U.S. Gulf of Mexico (GoM), according to a news release.
Mad Dog Phase 2, located in the Green Canyon area in the deepwater GoM, is a southern and southwestern extension of the existing Mad Dog Field, BHP Billiton said in the release. The project includes a new floating production facility with the capacity to produce up to 140,000 gross barrels of crude oil per day from up to 14 production wells. Production is expected to begin in the 2022 financial year.
BHP Billiton holds a 23.9% participating interest in the Mad Dog Field, while BP holds a 60.5% participating interest and Chevron USA affiliate Union Oil Company of California holds the remaining 15.6% participating interest. The project was sanctioned by BP in fourth-quarter 2016.
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