BP ponies up $9 billion to unleash Mad Dog Phase 2

摘要

BP Plc's highly anticipated Mad Dog Phase 2 has cleared a major hurdle, with the operator revealing it has sanctioned the $9-billion deepwater U.S. Gulf of Mexico development. The news, delivered Dec. 1, came after BP slashed costs for the originally $20-billion project by more than half amid a lingering downturn that left many offshore projects stalled. The project will give BP and its partners—BHP Billiton and Chevron affiliate Union Oil Co. of California—an opportunity to capitalize on the more than 4 billion barrels of oil equivalent resources at the Mad Dog Field, where production began from the first platform about 11 years ago.