Feb 13 (Reuters) - BHP Group BHP.AX , the world's largest miner, said on Wednesday its board has approved $696 million in funding to develop the Atlantis Phase 3 oil project in the U.S. Gulf of Mexico.
First production for the project is expected in 2020, BHP said in a statement, and is expected to increase production by about 38,000 barrels of oil equivalent per day at its peak.
BHP holds a 44 percent interest in the Atlantis field, while London-listed oil and gas major BP BP.L holds a 56 percent interest