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BP Confirms Major Oil Discovery in Gulf of Mexico Deepwater Field

The Far South field find, located 120 miles off Louisiana, advances BP's strategic shift back to oil and gas production and boosts its Gulf and global output goals.

Pictured: An offshore oil platform in the Gulf of Mexico off the coast of Louisiana. BP announced on Monday that it has discovered oil in an exploration well about 120 miles off the Louisiana coast. The British company has shifted away from its investment in clean energy to focus on oil and gas.
The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
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Overview

  • BP announced the discovery of oil in the Far South field, located in Green Canyon Block 584, approximately 120 miles off the coast of Louisiana in 4,092 feet of water.
  • Preliminary data from the exploration well indicates potentially commercial volumes of oil and gas, with both the initial well and a sidetrack encountering hydrocarbons.
  • This discovery aligns with BP's February 2025 strategic reset, which prioritizes oil and gas production over renewable energy investments to strengthen its upstream portfolio.
  • BP operates the Far South field with a 57.5% stake, while Chevron holds the remaining 42.5%, highlighting their collaboration in deepwater exploration.
  • BP aims to increase Gulf of Mexico production to 400,000 barrels of oil equivalent per day by 2030 and globally to between 2.3 and 2.5 million boepd, with further deepwater projects like Kaskida and Tiber planned for development.