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BHP Billiton has announced that its board has approved an investment of $2.2bn as a part of its share to develop the Mad Dog Phase 2 project in the Gulf of Mexico.

Discovered in 1988, Mad Dog Phase 2 lies in the Green Canyon area in the Deepwater Gulf of Mexico.

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The field is a southern and south-western extension of the existing Mad Dog field.

BHP Billiton president of operations for petroleum Steve Pastor said: “Mad Dog Phase 2 is one of the largest, discovered and undeveloped resources in the Gulf of Mexico, one of BHP Billiton’s preferred conventional deepwater basins.

“It offers an attractive investment opportunity for BHP Billiton and aligns with our strategic objective to build our conventional portfolio through the development of large, long-life, high-quality resources.”

The second phase of development project includes a new floating production facility that can produce up to 140,000 gross barrels of crude oil a day from up to 14 production wells.

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The current Mad Dog platform has a production capacity of 80,000 barrels (gross) and 60 million cubic feet of natural gas (gross), reported Oedigital.com.

"The second phase of development project includes a new floating production facility that can produce up to 140,000 gross barrels of crude oil a day from up to 14 production wells."

The new facility is expected to begin production from the 2022 financial year.

BHP Billiton owns 23.9% participating interest in the Mad Dog field.

Operator of the field BP holds a 60.5% participating interest, while the remaining 15.6% interest is owned by Union Oil Company of California, an affiliate of Chevron USA.

During the fourth quarter of the last year, BP sanctioned the Mad Dog Phase 2 project.

Image: An animation of the Mad Dog Phase 2 development. Photo: courtesy of BP / Flickr.