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