On Dec. 1, BP plc announced that, after reducing the costs of its proposed Mad Dog 2 offshore platform by more than 60%, to $9 billion, it will move ahead with its first Gulf of Mexico offshore structure since the 2010 Gulf oil spill.
The floating platform, almost 200 miles south of New Orleans, is expected to come on line in 2021 and produce up to 140,000 barrels of oil per day from 14 subsea wells.