BP Exploration & Production, Inc. has signed an agreement with federal and state agencies to accelerate work starting this year to restore areas of the Gulf of Mexico that were affected by the Deepwater Horizon accident. The agreement commits up to $1 billion to projects that will restore injured natural resources in the Gulf at the earliest opportunity.
BHP Billiton approved major projects with a total investment value of $9.8 billion, net to the company, during the first quarter of 2011. Meanwhile, the company advised the Deep Blue-1 project in Green Canyon 723, in which it holds a 31.875% interest, encountered hydrocarbons, but has been temporarily suspended. Noble Energy is the operator.