Overview

• BP will build a new 100% owned floating production hub to develop the Tiber and Guadalupe fields in the Keathley Canyon area about 300 miles southwest of New Orleans.
• The project targets first oil and gas in 2030 with capacity to produce about 80,000 barrels of crude per day.
• BP estimates roughly 350 million barrels of oil equivalent in recoverable resources from the initial phase.
• The development will use ultra-high-pressure 20,000 psi well technology, marking BP’s second such Gulf project after Chevron pioneered 20K production at Anchor.
• Reusing more than 85% of the Kaskida design is expected to cut Tiber-Guadalupe development costs by about $3 per barrel, supporting BP’s plan to lift Gulf output toward at least 400,000 boe/d by 2030.