BHP: GoM Mad Dog Project Viable with sub-$50 Oil

BHP Billiton said the second phase of its Mad Dog offshore joint venture with BP in the Gulf of Mexico was economical at oil prices below $50 per barrel.

Originally slated for development in 2013, the project has been deferred due to low oil prices and moves to reduce construction costs.

After losing three-quarters of its value from mid-2014 to early 2016, the price of benchmark U.S. crude has rallied more than 80 percent since February to nearly $50 per barrel.

Reporting by James Regan