It's called the Atlantis Field, and it's about 130 miles off of Louisiana coast, and according to a press release on the BP website, that is where BP will be launching a $1.3 billion development.

BP's Upstream chief executive Bernard Looney says,

"BP's Gulf of Mexico business is key to our strategy of growing produciton of advantaged high-margin oil. We are building on our world-class position, upgrading the resources at our fields through technology, productivity and exploration success."

He adds that only a small percentage of the area has been developed, and he expects that they will continue to have much for activity for at least the next ten years.

The announcement was made this morning.

Recent imaging and research is what spurred approval of the expansion of this project. They estimate that there are around 400 million more barrels of oil in Atlantis Phase 3.

BP's regional president for the Gulf of Mexico and Canda, Starlee Sykes says,

"Atlantis Phase 3 shows how our latest technologies and digital techniques create real value- identifying opportunities, driving efficiencies and enabling the delivery of major projects. Development like this are building an excitiing future for our business in the Gulf."