BHP Billiton approves investment in Mad Dog Phase 2 project

BHP Billiton today announced that the Board has approved expenditure of US$2.2 billion for its share of the development of the Mad Dog Phase 2 project in the Gulf of Mexico.
As quoted in the press release:

Steve Pastor, BHP Billiton President Operations Petroleum, 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 deep-water 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.”

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