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BP says approves Mad Dog oil field extension in Gulf of Mexico

Reuters - UK Focus

LONDON, Dec (Shanghai: 600875.SS - news) 1 (Reuters) - Oil major BP has approved a $9-billion investment to expand its Mad Dog oil field in the U.S. Gulf of Mexico, the company said, adding to just a handful of investment decisions it has taken this year amid weak oil prices.

The Mad Dog Phase 2 project will start producing oil in late 2021 and will have the capacity to pump up to 140,000 barrels per day (bpd) from up to 14 wells, BP said.

A leaner design of the expanded Mad Dog, which is located around 190 miles south of New Orleans, means the project's costs have fallen to $9 billion from more than $20 billion initially.

BP said its project partners BHP Billiton (NYSE: BBL - news) and Chevron (Euronext: CHTEX.NX - news) are expected to made a final investment decision on the field soon. (Reporting by Karolin Schaps; Editing by Alexandra Hudson)