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BP unlocks a billion oil barrels in Gulf of Mexico with new technology

Reuters  |  LONDON 

By Ron Bousso

LONDON (Reuters) - said it has discovered two new oilfields in the and has identified an additional billion barrels of at an existing field thanks to new

The British company, which has only recently turned a corner following the deadly 2010 Deepwater Horizon spill, also on Tuesday announced plans to expand production at its in the Gulf of Mexico, consolidating its status as the largest producer in that region.

The company has put a heavy emphasis on technology and in recent years in order to unlock new resources and cut costs.

The $1.3 billion Atlantis Phase 3 development will include drilling eight wells and a new subsea production system that will boost production by 38,000 barrels of equivalent per day (boed). It is scheduled to start production in 2020.

Together with the new discoveries, aims to grow its production from over 300,000 boed at present to 400,000 boed by the mid 2020s.

said that new helped it identify an additional 1 billion barrels of oil at its Thunder Horse field within weeks, whereas previously it would have taken a year to analyse.

BP also announced in the Manuel and Nearly Headless Nick prospect in the Gulf. The Manuel prospect, half owned by Royal Dutch Shell, will be linked to the Na Kika platform.

"is key to our strategy of growing production of advantaged high-margin oil," BP of upstream said in a statement.

"And these fields are still young - only 12 percent of the hydrocarbons in place across our Gulf portfolio have been produced so far. We can see many opportunities for further development," he added.

BP said it is also considering the development of Atlantis phases 4 and 5 as well as expanding the Thunder Horse, Na Kika and Mad Dog fields.

(Reporting by Ron Bousso; Editing by Susan Fenton)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 08 2019. 21:43 IST