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BP Plc (NYSE: BP) approved a $5 billion oil and gas project in the Gulf of America, reinforcing its commitment to the offshore basin as a driver of future growth. The Tiber-Guadalupe development is expected to begin production in 2030 and have a capacity of 80,000 barrels of crude oil per day.
The project will be BP's seventh operated hub in the Gulf and its second new platform in less than two years. It combines six wells in the Tiber field with two tiebacks from the Guadalupe field and marks a central piece of the company's upstream expansion strategy.
Andy Krieger, BP's senior vice president for the Gulf of America and Canada, said the decision shows the company's long-term commitment to the region. He called Tiber-Guadalupe critical to providing "secure and reliable energy the world needs today and tomorrow."
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The development is projected to recover about 350 million barrels of oil equivalent in its first phase, with room for further drilling. More than 85% of the design is based on BP's Kaskida project, which reduces costs and speeds development.
The company expects the new hub to join its five existing operated platforms in boosting Gulf output to more than 400,000 barrels of oil equivalent per day by 2030.
Gordon Birrell, BP's executive vice president of production and operations, said the Gulf investments build on decades of operational experience and represent "another world-class development."
The company noted the project uses technology designed to safely handle extreme pressures of up to 20,000 pounds per square inch.
BP plans to launch eight to ten major projects worldwide between 2028 and 2030. Together with the Kaskida project, the company expects to invest about $10 billion to unlock Paleogene resources in the Gulf.
The expansion comes as BP balances growth with shareholder returns. In August, the company maintained its outlook, raised its dividend, and announced a $750 million share buyback.
Price Action: At last check Monday, BP shares were trading lower by 0.45% to $35.53 premarket.
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