BP Thunder Horse project opens a year ahead of schedule

BP Thunder Horse project opens a year ahead of schedule

Oil giant BP (LSE:BP) has announced good news from the Gulf of Mexico, as the Thunder Horse South Expansion project has opened 11 months ahead of schedule and US$150 million under budget.

The subsea production system, located two miles south of the existing Thunder Horse platform, should boost output at the facility by around 50,000 barrels per day.

The early completion of the project further strengthens the British multinational’s overall deepwater assets in the Gulf of Mexico, adding to several other developing projects in the area, such as the $9 million Mad Dog Phase 2 project.

Richard Morrison, regional president of BP’s Gulf of Mexico division, said: “The Thunder Horse South Expansion project, brought online ahead of schedule and under budget, proves that deepwater can be done in a cost-effective way, while keeping a relentless focus on safety.

“It also shows the effectiveness of our strategy in the Gulf, which is all about increasing production from within our existing asset base and large portfolio of undeveloped resources.”

The Thunder Horse facility is operated by BP with a 75% working interest, with ExxonMobil (NYSE:XOM) a partner with a 25% working interest.

Field production first commenced at Thunder Horse field in 2008.