LONDON, Dec 1 (Reuters) - Oil major BP has approved a$9-billion investment to expand its Mad Dog oil field in theU.S. Gulf of Mexico, the company said, adding to just a handfulof investment decisions it has taken this year amid weak oilprices.
The Mad Dog Phase 2 project will start producing oil in late2021 and will have the capacity to pump up to 140,000 barrelsper day (bpd) from up to 14 wells, BP said.
A leaner design of the expanded Mad Dog, which is locatedaround 190 miles south of New Orleans, means the project's costshave fallen to $9 billion from more than $20 billion initially.
BP said its project partners BHP Billiton and Chevron areexpected to made a final investment decision on the field soon. (Reporting by Karolin Schaps; Editing by Alexandra Hudson)
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