Inform

Sole standalone in a sea of tiebacks: BP's Mad Dog is the only major FID in deepwater Gulf of Mexico this year

Loading current market price

Get this report

Loading current market price

Get this report as part of a subscription

Enquire about Subscriptions

Already have subscription? Sign In

Further information

Pay by Invoice or Credit Card FAQs

Contact us

Contact us about this report

Report summary

On 1 December 2016 BP (60.5% and operator) sanctioned the Mad Dog Phase II development in the deepwater Gulf of Mexico (GoM). BP and partners BHP Billiton (23.9%) and Chevron (15.6%) operate the Mad Dog field which began production in January 2005. The second phase commercialises southern segments of the field that were discovered in 2009 and 2011. The project was first evaluated in 2012 and has been through multiple revisions as the partners honed in on an optimal development solution. We expect first production in late 2021. Our current view is that the project breaks even at US$47/bbl Brent (real NPV10) however reserves upside and further project efficiencies could bring this down to US$40/bbl. For BP Phase II is another step towards re engineering its portfolio to operate at current oil prices and balance value and volume.

What's included

This report contains

  • Document

    Sole standalone in a sea of tiebacks: BP's Mad Dog is the only major FID in deepwater Gulf of Mexico this year

    PDF 975.91 KB

Table of contents

Tables and charts

This report includes 2 images and tables including:

Images

  • Mad Dog in BP's deepwater GoM portfolio
  • Breakevens of sanctioned projects in DW GoM through the downturn

Questions about this report?

  • Europe:
    +44 131 243 4699
  • Americas:
    +1 713 470 1900
  • Asia Pacific:
    +61 2 8224 8898