As currently proposed, the project would come in “significantly higher than the original estimate” of $1.5 billion “and it would take several more years before drilling could commence,” BP said.
The UK supermajor had commissioned a custom-built rig from Parker Drilling to tap the estimated 100 million barrels of recoverable oil in the Liberty reservoir by drilling wells as long as eight miles from the same man-made island used to pump the Endicott field.
