BP makes oil discovery off US Gulf coast

Sheila Dang

Mon, Apr 14, 2025, 2:02 AM 1 min read

By Sheila Dang

-BP has made an lipid find astatine the Far South tract successful the U.S. Gulf of Mexico, it said connected Monday, arsenic the vigor large seeks to turn accumulation nether a strategy reset announced earlier this year.

The exploration good was drilled successful Green Canyon Block 584 astir 120 miles (193.12 km) disconnected the seashore of Louisiana. Both the archetypal good and a sidetrack encountered oil. Preliminary information indicates a perchance commercialized measurement of lipid and gas, the institution said successful a statement.

It besides said it plans to summation output successful the Gulf of Mexico to 400,000 barrels of lipid equivalent per time by 2030. It expects planetary accumulation to scope 2.3 cardinal to 2.5 cardinal boepd by the extremity of the decade, with imaginable to turn done 2035.

London-listed shares of BP were up 4.72% successful aboriginal trade.

BP is the relation of Far South with a 57.5% interest, portion spouse Chevron holds 42.5%.

BP announced a strategy displacement successful February to crook astir its underperformance, cutting planned concern successful renewable vigor to refocus connected lipid and gas.

Around 1 cardinal boepd are expected to beryllium delivered from the U.S. onshore and offshore regions by 2030.

BP plans much exploration successful the water basin. It has approved the improvement of the Kaskida oilfield, which lies successful a analyzable geological operation called the Paleogene, and plans to spell up with a 2nd Paleogene development, Tiber, aboriginal this year, CEO Murray Auchincloss told a league past month.

(Reporting by Sheila Dang successful Houston, further reporting by Arunima Kumar successful Bengaluru; Editing by Leslie Adler and Barbara Lewis)