BP Makes Deepwater Oil Discovery in Gulf of America | OilPrice.com
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Breaking News:
BP has made an oil discovery in the deepwater U.S. Gulf of America 120 miles off the coast of Louisiana, the UK-based supermajor said on Monday.
The discovery at the Far South prospect comes as BP announced a few weeks back a strategy reset to shift focus back to growing oil and gas production and investments after a few years of trying to be an integrated energy company with a major presence in renewables.
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BP made the oil discovery at the Far South prospect in an exploration well drilled in Green Canyon Block 584, located in western Green Canyon approximately 120 miles off the coast of Louisiana in 4,092 feet of water. The well was drilled to a total depth of 23,830 feet.
The Far South co-owners are BP, with 57.5%, which also holds the operatorship, and Chevron, with 42.5%.
Preliminary data from the exploration well supports the prospect of a potentially commercial volume of hydrocarbons, BP said.
“This discovery in the deepwater Gulf of America underscores how bp is in action to step up investment in exploration and strengthen its upstream portfolio under the strategy reset announced in February 2025,” the company said.
BP looks to boost its Gulf of America production capacity to over 400,000 barrels of oil equivalent per day by the end of the decade, said Andy Krieger, Senior Vice President, Gulf of America and Canada.
The supermajor plans to raise its global upstream production to 2.3 – 2.5 million barrels of oil equivalent in 2030, with the capacity to increase production out to 2035. Around 1 million boepd are expected to be delivered from the U.S. onshore and offshore regions by 2030.
This month, BP began announcing new oil and gas project start-ups as part of its plan to have 10 major projects launched worldwide between 2025 and 2027 and grow upstream production.
By Tsvetana Paraskova for Oilprice.com
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