BP Plans for Gulf of Mexico Growth

Oil major BP said it expects “significant growth” in deepwater Gulf of Mexico, following discovery of an additional 1 billion barrels of oil at the Thunder Horse field.

The discovery was based on breakthroughs in advanced seismic imaging and reservoir characterization and comes alongside identification of an additional 400 million barrels of oil in place at the Atlantis field.

“We can see many opportunities for further development, offering the potential to continue to create significant value through the middle of the next decade and beyond,” said Bernard Looney, BP’s Upstream chief executive.

 

Atlantis to See 'Major Expansion'

One of the major areas of focus for breakbulk growth looks to be the US$1.3 billion Atlantis Phase 3 development, with BP announcing it has approved a “major expansion” at the field to support its growth strategy.

Construction of Atlantis Phase 3 will include a new subsea production system, requiring major breakbulk transport for the project 150 miles south of New Orleans.

 

FWI Supports Investment Decision-making

The expansion plans for the BP’s Gulf assets are closely tied to the firm’s proprietary seismic imaging technique known as Full Waveform Inversion (FWI), which has provided better visibility below salt layers and enabled better planning of where to drill wells.

“Following a successful field trial at the Mad Dog field, further advanced seismic imaging with ocean bottom nodes and BP’s proprietary Wolfspar seismic acquisition source is being planned for Thunder Horse and Atlantis to better understand the reservoirs," a spokesman said.

As a result of these techniques, BP also announced two oil discoveries in the Gulf of Mexico, at the Manuel and Nearly Headless Nick prospects.

Photo: Atlantis platform. Credit: BP