February 13, 2019 / 5:38 AM / 5 days ago

BHP's board approves $696 mln funding for U.S. project

Feb 13 (Reuters) - BHP Group, the world’s largest miner, said on Wednesday its board has approved $696 million in funding to develop the Atlantis Phase 3 oil project in the U.S. Gulf of Mexico.

First production for the project is expected in 2020, BHP said in a statement, and is expected to increase production by about 38,000 barrels of oil equivalent per day at its peak.

BHP holds a 44 percent interest in the Atlantis field, while London-listed oil and gas major BP holds a 56 percent interest (Reporting by Ambar Warrick in Bengaluru; editing by Richard Pullin)

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