BP is one of many industry players that have seen first-quarter losses on the back of low oil prices.

BP Mad Dog 2 FID possibility for 2015

USA

HOUSTON, April 29, 2015 – BP’s chief financial officer Brian Gilvary has reportedly motioned during a conference call on Tuesday that the company could make a final investment decision, or FID, on its Mad Dog 2 deepwater project in the US Gulf of Mexico in 2015.

 

The project was stalled after a plan for a large spar platform was scrapped in 2013, in favour of a cheaper semi-submersible platform. Plummeting rig rates now make the economics more attractive.

“There is still a reasonable chance we will get a FID by the end of the year […] I think the rig market is still looking pretty soft right now,” Gilvary was reported as saying.

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