BP has said that an investment decision on phase two of its Mad Dog project in the Gulf of Mexico was “sort of imminent”.
The first phase has been in production off Louisiana for more than a decade, but in 2009 BP discovered more oil in the southern section of the field.
BP and its project partners have been working to get the project costs down from $20billion to below $10billion.
Last week, during the firm’s third quarter results presentation, BP chief financial officer Brian Gilvary said a final investment decision was possible in the fourth quarter of this year.
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