BP has reached the final investment decision on its estimated $5 billion Tiber-Guadalupe project in the U.S. Gulf of Mexico, as part of its strategy to grow upstream production and boost its U.S. output to more than 1 million barrels of oil equivalent per day by 2030.
Tiber-Guadalupe, 100%-owned by the UK-based supermajor, will be BP’s seventh operated oil and gas production hub in the Gulf of America, featuring a new floating production platform with the capacity to produce 80,000 barrels of crude oil per day.
Production from the project is expected to start in 2030 and is one of the 8-10 major projects that BP plans to start up globally between 2028 and 2030.
The estimated $5 billion Tiber-Guadalupe project is fully accommodated within BP prudent financial framework, which the supermajor geared toward the upstream business earlier this year in a major strategy reset to slash investments in renewables and focus on its core business of producing oil and gas.
Under the new strategy, BP will aim for 10 new major upstream projects to start up by the end of 2027, and a further 8–10 projects by the end of 2030. Production is also expected to grow to 2.3–2.5 million barrels of oil equivalent per day (boed) in 2030, with capacity to increase to 2035.
In the United States, together with its 100%-owned Kaskida project, BP expects to invest around $10 billion to deliver its Gulf of America Paleogene projects.
Tiber-Guadalupe and Kaskida will help BP to boost its capacity to produce more than 400,000 barrels of oil equivalent per day (boepd) from the U.S. offshore region by 2030. The major aims to increase its offshore and onshore production in the United States to more than 1 million barrels of oil equivalent per day by 2030.
“Along with its sister project Kaskida, Tiber-Guadalupe will play a critical role in bp’s focus on delivering secure and reliable energy the world needs today and tomorrow,” said Andy Krieger, BP’s senior vice president, Gulf of America and Canada.
Just last week, BP said that global oil demand is set to rise through 2030 amid weaker-than-expected efficiency gains. In its 2025 Energy Outlook, BP ditched its forecast from last year that oil demand could peak as soon as this year.
By Tsvetana Paraskova for Oilprice.com
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