NEW ORLEANS (CBSDFW.COM/AP) — BP has approved a $1.3 billion expansion at one of its oil projects in the Gulf of Mexico and discovered an additional 1.4 billion barrels at two of them.

In a statement Tuesday, BP says development of Atlantis Phase 3 is the latest example of its “strategy of growing advantaged high-margin oil production through its existing production facilities in the Gulf.”

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According to their website, BP operations in Texas include “everything from oil and gas exploration and production, to research and technology development, to natural gas power and natural gas liquids trading, to petrochemical production, wind power generation, and shipping.”

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The Atlantis expansion will include the construction of a new subsea production system from eight new wells that will be tied into the current platform, 150 miles south of New Orleans. The company says it’s scheduled to begin operating in 2020 and is expected to boost production by an estimated 38,000 barrels of oil equivalent a day gross at its peak.

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(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)