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0 BP approves major new Gulf of Mexico project

BP said it had sanctioned a major new project in the Gulf of Mexico, the latest sign the British oil group is getting back to business in the area after its 2010 oil spill.

Chief Executive Bob Dudley said on Tuesday BP and Chevron and BHP , its partners in the project, had recently approved the decision to proceed with the investment.

"We have just sanctioned with our partners Chevron and BHP. We have not makde a full announcement yet, one of the largest new free-standing developments in the Gulf of Mexico," Dudley said told reporters.

BP, Chevron and BHP are partners in the Mad Dog field. In September, BP said the partners were looking at installing another free-standing spar platform at the field, that could increase production by 120,000-140,000 barrels of oil equivalent per day 

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