Company News Summary
BHP Billiton Announces Approval of Investment in Mad Dog Phase 2 Project
Original announcement: Mad Dog Phase 2 Project Investment Approval
BHP Billiton announced on 9 February 2017, that the Board has approved expenditure of US$2.2bn for its share of the development of the Mad Dog Phase 2 project in the Gulf of Mexico. The Company holds a 23.9% participating interest in the Mad Dog field. BP, the operator, holds a 60.5% participating interest, and Union Oil Company of California, an affiliate of Chevron U.S.A. Inc., holds the remaining 15.6% participating interest. During the fourth quarter of 2016, BP sanctioned the Mad Dog Phase 2 project. 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.
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