BP (BP -0.1%) announces plans to develop a major new gas field in the Gulf of Mexico with...

|By:, SA News Editor

BP (BP -0.1%) announces plans to develop a major new gas field in the Gulf of Mexico with partners Chevron (CVX +0.4%) and BHP Billiton (BHP -0.8%). The plans are phase two of the partnership's Mad Dog development, a field capable of producing 120K -140K boe per day. BP has a 60.5% working interest in the project, BHP a 23.9% stake and Chevron 15.6%.