BHP Billiton gets initial funding approved Mad Dog Phase 2

BHP Billiton gets initial funding approved for Mad Dog Phase 2

11:30 AM, 11th April 2012
BHP Billiton gets initial funding approved for Mad Dog Phase 2
J Michael Yeager, CEO, BHP Billiton Petroleum.

MELBOURNE, AUSTRALIA: BHP Billiton gets approval for $708 million (BHP Billiton share) in pre commitment funding for the Mad Dog Phase 2 project in the deepwater Gulf of Mexico. The funding will facilitate detailed engineering and the procurement of long lead time items related to the hull, topsides and subsea equipment. The Mad Dog Phase 2 project, a partnership between BP (60.5 per cent), BHP Billiton (23.9 per cent) and Chevron (15.6 per cent), is based on successful appraisal drilling which confirmed significant hydrocarbons in the southern portion of the Mad Dog field.

The proposed project includes the development of a second spar facility with all subsea production and injection wells. The new facility is estimated to have a design capacity of approximately 130,000 barrels of oil per day that will be exported via the Mardi Gras pipelines under existing agreements. A final investment decision is anticipated in 2013.

“Mad Dog Phase 2 will join our extensive Gulf of Mexico portfolio that includes Mad Dog and Atlantis as well as the Shenzi and Neptune platforms that we operate. The extension of this field will underpin continued valuable liquids production from the Gulf of Mexico and further enhance our growth profile,” said J Michael Yeager, CEO, BHP Billiton Petroleum.

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