BP approves Tiber-Guadalupe project in US Gulf of Mexico

BP has reached a final investment decision on the Tiber-Guadalupe project in the Gulf of Mexico. The 100% BP-owned Tiber-Guadalupe will be the company’s seventh operated oil and gas production hub in the Gulf of Mexico, featuring a new floating production platform with the capacity to produce 80,000 barrels of crude oil per day.

The project includes six wells in the Tiber field and a two-well tieback from the Guadalupe field. Production is expected to start in 2030.

Tiber and Guadalupe fields are estimated to have recoverable resources of around 350 million barrels of oil equivalent from the initial phase. Additional wells could be drilled in future phases, subject to further evaluation.