BHP approves $693m funding for Atlantis project

BHP on Wednesday approved $696m (£539m) in funding to develop its share of the Atlantis Phase 3 project in the US Gulf of Mexico.

This decision comes after BP found more oil in the Atlantis field last month. BP holds 56% of the project with BHP holding the rest.

Atlantis Phase 3 is located in the deepwater Gulf of Mexico, approximately 130 miles off the coast of Louisiana.

First production for the project is expected in 2020 and is expected to increase production by about 38,000 barrels of oil equivalent per day at its peak, BHP said.

BHP said it had also approved $256m in funding for additional drilling and study at the Trion field in Mexico where it holds its 60% and Mexican government-owned PEMEX holds the rest.