SYDNEY, Oct 5 (Reuters) - BHP Billiton BHP.AX BLT.L said the second phase of its Mad Dog offshore joint venture with BP BP.L in the Gulf of Mexico was economical at oil prices below $50 per barrel.
Originally slated for development in 2013, the project has been deferred due to low oil prices and moves to reduce construction costs.
After losing three-quarters of its value from mid-2014 to early 2016, the price of benchmark U.S. crude CLc1 has rallied more than 80 percent since February to nearly $50 per barrel.