NEW ORLEANS (AP) — BP has approved a $1.3 billion expansion at one of its oil projects in the Gulf of Mexico and discovered an additional 1.4 billion barrels at two of them.
In a statement Tuesday, BP says development of Atlantis Phase 3 is the latest example of its “strategy of growing advantaged high-margin oil production through its existing production facilities in the Gulf.”
The Atlantis expansion will include the construction of a new subsea production system from eight new wells that will be tied into the current platform, 150 miles (241.4 kilometers) south of New Orleans. The company says it’s scheduled to begin operating in 2020 and is expected to boost production by an estimated 38,000 barrels of oil equivalent a day gross at its peak.