BP makes oil discovery in US Gulf of Mexico

BP announced an oil discovery at the Far South prospect in the deepwater US Gulf of Mexico. Both the initial well and a subsequent sidetrack encountered oil in high-quality Miocene reservoirs. Preliminary data supports a potentially commercial volume of hydrocarbons.

BP drilled the exploration well in Green Canyon Block 584, located in western Green Canyon approximately 120 mi off the coast of Louisiana in 4,092 ft of water. The well was drilled to a total depth of 23,830 ft. The Far South co-owners are BP (operator, 57.5%) and Chevron (42.5%).

BP expects to grow 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 barrels of oil equivalent per day are expected to be delivered from the US onshore and offshore regions by 2030.