BP, Chevron Discover Oil 120 Miles Offshore in Gulf of Mexico's Green Canyon

19 posts • GPT (4o)

Updated Apr 15, 2025, 04:54 AM

BP has announced an oil discovery at the Far South prospect in the deepwater Gulf of Mexico, approximately 120 miles off the coast of Louisiana. The exploration well, drilled in Green Canyon Block 584, reached a depth of 23,830 feet and encountered high-quality Miocene reservoirs, indicating potentially commercial volumes of hydrocarbons. BP holds a 57.5% stake in the Far South prospect, with Chevron owning the remaining 42.5%. This discovery is part of BP's February 2025 strategy reset to focus on oil and gas production, aiming to increase its Gulf of Mexico output to 400,000 barrels of oil equivalent per day by 2030. Andy Krieger, BP's Senior Vice President for Gulf of America and Canada, highlighted the Gulf's central role in BP's strategy. The company plans to expand its global exploration program, targeting around 40 wells over the next three years, with up to 15 wells to be drilled in 2025. BP expects to grow its global production to 2.3–2.5 million barrels of oil equivalent per day by 2030, with about one million barrels per day coming from U.S. onshore and offshore regions. BP's history in the Gulf is marked by the Deepwater Horizon disaster in 2010, which remains a significant reference point for its operations in the region.

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