14th Apr 2025 11:51
(Alliance News) - BP PLC on Monday said it has discovered oil at the Far South prospect in the Gulf of Mexico.
The London-based oil and gas producer said the exploration well is located around 120 miles off the coast of Louisiana in 4,092 feet of water. The well was drilled to a total depth of 23,830 feet.
BP said the initial well and later sidetrack found oil in "high-quality Miocene reservoirs" with a "potentially commercial volume of hydrocarbons".
BP owns 58% of the Far South prospect as the operator, with the remaining 43% held by US peer Chevron Corp.
"This Far South discovery demonstrates that the Gulf of America remains an area of incredible growth and opportunity for BP. Our Gulf of America business is central to BP's strategy. We are focused on delivering more affordable and reliable energy from this region, building our capacity to over 400,000 barrels of oil equivalent per day by the end of the decade," said Senior Vice President Andy Krieger.
As previously announced, BP expects to increase its global upstream production to between 2.3 million and 2.5 million barrels of oil equivalent in 2030, with the capacity to increase production out to 2035.
The company on Friday said its oil production was expected to be slightly higher in the first quarter compared with the final three months of last year.
Shares in BP were up 4.7% to 347.19 pence in London on Monday morning.
By Michael Hennessey, Alliance News reporter
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