BP Announces $1.3 billion Atlantis Development Project In Gulf of Mexico
Jan 08, 2019 01:06PM
By Staff Writer
In a statement released earlier today, BP announced that it has approved a major expansion at the Atlantis field in the U.S. Gulf of Mexico. BP’s Atlantis production platform is located 150 miles south of New Orleans in over 7,000 feet of water.
The $1.3 billion Atlantis Phase 3 development is the latest example of BP’s strategy of growing advantaged oil production through its existing production facilities in the Gulf. The approval for this latest development comes after recent BP breakthroughs in advanced seismic imaging and reservoir characterization revealed an additional 400 million barrels of oil in place at the Atlantis field.
Application of the same technology and analysis has now identified an additional 1 billion barrels of oil in place at the Thunder Horse field. Elsewhere, two new discoveries near the Na Kika production facility could provide further tie-back development opportunities.
“BP’s Gulf of Mexico business is key to our strategy of growing production of advantaged high-margin oil. We are building on our world-class position, upgrading the resources at our fields through technology, productivity and exploration success,” said Bernard Looney, BP’s Upstream chief executive.
“And these fields are still young – only 12% of the hydrocarbons in place across our Gulf portfolio have been produced so far. We can see many opportunities for further development, offering the potential to continue to create significant value through the middle of the next decade and beyond.“
BP is the largest investor in the Deepwater Gulf of Mexico over the past 10 years and operates four large production platforms in the deepwater Gulf of Mexico – Thunder Horse, Atlantis, Mad Dog and Na Kika – and holds interests in four non-operated hubs – Mars, Olympus, Ursa and Great White.