UK-based oil and gas company BP plans to invest $1.3 billion to extend its Atlantis development in the Gulf of Mexico.
The Atlantis Phase 3 development, which first started production in 2007, will consist of developing a new subsea production system that will connect eight new wells to the existing Atlantis platform.
With the investment, BP will add an extra 400 million barrels of oil at the Atlantis field at the Gulf of Mexico and expects to bring the project online in 2020 with an additional 38,000 barrels a day.
Further, BP has started the construction of $9 billion Mad Dog Phase 2 project that includes a new offshore platform.