BP approves $9 billion deepwater project

[TexasTowelie]

Oil company BP has approved Phase 2 of the Mad Dog Field project in the Gulf of Mexico, which includes a new floating production platform.

Phase 2, which BP announced had been approved in a Thursday press release, is expected to cost $9 billion and will have the capacity to produce up to 140,000 gross barrels of crude oil per day from up to 14 production wells. Oil production is expected to begin in late 2021.

This will be BP's second platform in the Mad Dog Field.

“This announcement shows that big deepwater projects can still be economic in a low price environment in the U.S. if they are designed in a smart and cost-effective way,” said Bob Dudley, BP Group Chief Executive. “It also demonstrates the resilience of our strategy which is focused on building on incumbent positions in the world’s most prolific hydrocarbon basins while relentlessly focusing on value over volume.”

Read more: http://www.thetowntalk.com/story/money/business/2016/12/01/bp-approves-9-billion-deepwater-project/94755724/

[Warren DeMontague]

1. yes, by all means do it as cheaply as possible

what could go wrong?

[Vinca]

2. Just yesterday I was thinking about how stupid the oil business is.

A smart company would become the Directv of solar energy and start slapping solar panels on every rooftop. The sun is up there and you can harvest the energy without platforms or drilling or killing all the fish. The sun won't send an energy company a bill. Stupid, stupid, stupid BP.