Finance
BP makes oil discovery off US Gulf coast
Published by Global Banking & Finance Review®
Posted on April 14, 2025
2 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on April 14, 2025
2 min readLast updated: January 24, 2026
BP has discovered oil in the Gulf of Mexico, aiming to boost production to 400,000 boepd by 2030. This aligns with BP's strategic shift to focus more on oil and gas.
By Sheila Dang
-BP has made an oil discovery at the Far South field in the U.S. Gulf of Mexico, it said on Monday, as the energy major seeks to grow production under a strategy reset announced earlier this year.
The exploration well was drilled in Green Canyon Block 584 about 120 miles (193.12 km) off the coast of Louisiana. Both the initial well and a sidetrack encountered oil. Preliminary data indicates a potentially commercial volume of oil and gas, the company said in a statement.
It also said it plans to increase output in the Gulf of Mexico to 400,000 barrels of oil equivalent per day by 2030. It expects global production to reach 2.3 million to 2.5 million boepd by the end of the decade, with potential to grow through 2035.
London-listed shares of BP were up 4.72% in early trade.
BP is the operator of Far South with a 57.5% interest, while partner Chevron holds 42.5%.
BP announced a strategy shift in February to turn around its underperformance, cutting planned investment in renewable energy to refocus on oil and gas.
Around 1 million boepd are expected to be delivered from the U.S. onshore and offshore regions by 2030.
BP plans more exploration in the ocean basin. It has approved the development of the Kaskida oilfield, which lies in a complex geological structure called the Paleogene, and plans to go ahead with a second Paleogene development, Tiber, later this year, CEO Murray Auchincloss told a conference last month.
(Reporting by Sheila Dang in Houston, additional reporting by Arunima Kumar in Bengaluru; Editing by Leslie Adler and Barbara Lewis)
The main topic is BP's new oil discovery in the Gulf of Mexico and its plans to increase production.
BP aims to increase its Gulf of Mexico output to 400,000 boepd by 2030 and global production to 2.3-2.5 million boepd by the end of the decade.
BP's partner in the Far South field is Chevron, which holds a 42.5% interest.
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