BP announced that it has approved a major expansion at the Atlantis field in the U.S. Gulf of Mexico and has also identified significant additional oil resources that could create further development opportunities around the production hubs it operates in the region.
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.