BHP Group Greenlights $952 Million Funding for Oil, Gas Projects

Date : 13/02/2019 @ 18:49
Source : Dow Jones News
Stock : BHP Group Limited (BHP)
Quote : 34.95  0.0 (0.00%) @ 07:56
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BHP Group Greenlights $952 Million Funding for Oil, Gas Projects

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   By Oliver Griffin 

BHP Group PLC (BHP.LN) said Wednesday that it has approved total funding of $952 million to develop the Atlantis Phase 3 project in the U.S. Gulf of Mexico and to drill an appraisal well in Mexico's Trion field.

The Anglo-Australian mining giant said it has approved funding of $696 million for the Atlantis Phase 3 development. The deepwater project will take advantage of existing infrastructure, production ullage and marketing agreements.

First production from Atlantis Phase 3 is expected in 2020. It is forecast to increase production by 38,000 barrels of oil equivalent a day, BHP said.

BHP holds a 44% interest in the Atlantis field while U.K. oil company BP PLC (BP.LN) holds 56%.

The company also approved $256 million in funding to drill an additional appraisal well and perform further studies in the Trion field in Mexico.

BHP said the primary objectives of the appraisal well and studies are to confirm the volume and composition of hydrocarbons near the crest of the Trion structure, and study the viability of developing the field.

The appraisal well is expected to be drilled in the second half of 2019, BHP said.

BHP holds a 60% interest in the Trion field. The remaining 40% is held by Petroleos Mexicanos, Mexico's state-owned oil company, which is also known as Pemex.


Write to Oliver Griffin at; @OliGGriffin


(END) Dow Jones Newswires

February 13, 2019 02:34 ET (07:34 GMT)

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