BP approves $1.3bn expansion of Atlantis oil field in Gulf of Mexico

09/01/2019 09:10 Oil Market


BP has approved the $1.3bn phase 3 development of the Atlantis oil field located in deepwater Gulf of Mexico, offshore US.

The company’s final investment decision for the latest development of the Atlantis oil field comes after detecting the presence of an additional 400 million barrels of oil in the eastern area.


BP said that the findings of the surplus resources in the offshore oil field are a result of its recent breakthroughs in advanced seismic imaging and reservoir characterization.


Under the Atlantis Phase 3 project, the company will take up construction of a new subsea production system from eight new wells that will be tied into the current platform, located 241km south of New Orleans.


The phase 3 of the Atlantis oil field is expected to begin production in 2020. At its peak, the project is estimated to increase production at the Atlantis platform by an estimated 38,000 barrels of oil equivalent a day (boe/d) gross.


BP is the operator of the Atlantis oil field with a stake of 56%. Its partner in the offshore US oil field is BHP with a stake of 44%, which is expected to make a final investment decision on Atlantis phase 3 development in early 2019.

Source: compelo.com

Daily (22.04.2019): The energy complex was calm on Friday due to Easter holidays

22/04/2019 10:04:00

The overall trade on energy markets was muted by the long weekend occasioned by Easter holidays. Oil, gas and carbon prices remained untraded, taking a pause before the resumption of the trading activity this week.


Repsol Sinopec eyes extra 10 million barrels from North Sea assets

22/04/2019 09:59:00

Repsol Sinopec Resources UK has started working on projects across a number of its assets in the UK North Sea that should realize in the region of an additional 10 million barrels of oil equivalent (boe), beginning later this year.


France’s Total to invest in Russian LNG terminals in Arctic & Far East

22/04/2019 09:53:00

The CEO of energy major Total has announced plans to buy a share in projects aimed at constructing terminals for transferring liquefied natural gas (LNG), led by Russia’s biggest independent gas producer Novatek.