Market Chatter: BP Receives US Government's Authorization for Gulf of Mexico Project

MT Newswires Live03-16 16:12

BP (BP) obtained authorization from the Trump administration to move forward with its Kaskida operation in the Gulf of Mexico, Reuters reported Saturday, citing a statement from a corporate spokesperson.

The $5 billion capital allocation is expected to open up 10 billion barrels of reserves located within the Paleogene zones of the region, Reuters quoted the spokesperson as saying.

The clearance from the US Department of the Interior comes after a 12-month evaluation of the company's execution strategy, the news outlet reported.

BP and the US Department of the Interior did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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