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BHP commits $952m to Gulf of Mexico oil projects

14/02/2019
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BHP Group, the world’s largest mining corporation, has this week committed a total of $952m to develop two large-scale projects in the U.S. Gulf of Mexico.

The first of these two projects is the $696 million expansion of production at the BP-led Atlantic oil project. This follows sanction by BP, as the Operator, of the Atlantis Phase 3 project, announced in January 2019.
BP's Atlantis platform in the Gulf of Mexico which will be expanded thanks to funding from BHP Group
(BP’s Atlantis platform in the Gulf of Mexico. Image via BP).

Atlantis Phase 3 is located in the deepwater Gulf of Mexico, approximately 130 miles off the coast of Louisiana. The project is a subsea tie back of eight new production wells that will be drilled and completed to access infill resource opportunities. It will take advantage of existing infrastructure, production ullage and marketing agreements.

First production is expected in the 2020 calendar year and is estimated to increase production by 38,000 barrels of oil equivalent per day (boe/d) gross at its peak.

Commenting on the approval of funding, BHP President Operations Petroleum, Steve Pastor, said:

“The Atlantis Phase 3 project provides a competitive opportunity to deliver on our strategy to grow resources in Tier 1 conventional deepwater assets. The project will further expand the Atlantis field and will provide cost-efficient, near term volumes”.

At present BHP holds a 44 per cent interest in the Atlantis field. BP holds a 56 per cent interest.

The second project will see BHP committing $256 million in funding to drill an additional appraisal well (3DEL) and perform further studies in the Trio field in Mexico, to further delineate the scale and characterisation of the resource.

According to a statement from BHP, the primary objectives of this 3DEL appraisal well will be ‘to confirm the volume and composition of hydrocarbons near the crest of the Trion structure, and study the viability of development of the Trion field.’

“A further appraisal well at Trion, following the recent encouraging results at the 2DEL appraisal well, reduces investment risk and adds value to this project. If Trion is determined to be commercial, these funds will also provide an option to potentially accelerate development of Trion,” said Pastor.

It is expected that the 3DEL appraisal well will be drilled during the second half of this year.

Are you looking to work on projects like Atlantis Phase 3?

Then register with Fircroft today. We are always recruiting technical and engineering professionals to work on the world’s leading Oil & Gas projects. Explore our current vacancies here and apply today.
Tags: Oil & Gas
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BHP commits $952m to Gulf of Mexico oil projects - Time to read 3 min
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