BP to proceed with GoM project

BP has agreed to proceed with a $9 billion oil project in the Gulf of Mexico some 100 miles from Grand Isle, La., amid low crude prices that have sparked thousands of layoffs in the region. "This announcement shows that big deep water projects can still be economic in a low price environment in the U.S. if they are designed in a smart and cost-effective way," Bob Dudley, BP Group chief executive, said in a news release. The second phase of the company's Mad Dog project will include a second floating production platform on the Gulf floor in water some 4,500 feet deep, the company said. Oil production is expected to begin in late 2021. (Source: Houma Courier 12/02/16)