BP has approved the Tiber‑Guadalupe offshore development in the US Gulf of Mexico, targeting first production in 2030, the company said on Monday.
The 100% BP‑owned project will include a floating production platform with capacity to produce 80,000 barrels of oil per day, linked to six wells in the Tiber field and a two‑well tieback from the Guadalupe field.
The project aims to unlock around 10 billion barrels of discovered resources across BP’s Paleogene assets in the region. Initial recoverable reserves are estimated at 350 million boe.
BP is reusing over 85% of its Kaskida platform design, cutting project costs by about USD 3 per barrel. The USD 5 billion project is one of 8–10 major developments BP plans to start up globally between 2028 and 2030.
“Along with its sister project Kaskida, Tiber‑Guadalupe will play a critical role in BP’s focus on delivering secure and reliable energy the world needs today and tomorrow,” BP senior vice‑president Gulf of America and Canada Andy Krieger said.
BP plans to invest around USD 10 billion in its Gulf of Mexico Paleogene developments, aiming to increase US offshore output to over 400,000 barrels of oil equivalent per day by 2030.
In the US Gulf of Mexico, BP operates five offshore platforms and holds interests in four additional hubs, strengthening its deepwater oil and gas portfolio.
Source: theenergyyear.com