BP approves $5B Tiber-Guadalupe project off U.S. Gulf Coast

[BP Filling Station Signage]
Oli Scarff/Getty Images News

British energy major BP (NYSE:BP [https://seekingalpha.com/symbol/BP]) is moving forward with a $5 billion offshore drilling project in the U.S. Gulf of Mexico.

The company reached a final investment decision on the Tiber-Guadalupe project, approving its second new production platform with the capacity to produce 80,000 barrels of crude oil per day. The project includes six wells in the Tiber field and a two-well tieback from the Guadalupe field.

BP (NYSE:BP [https://seekingalpha.com/symbol/BP]) is advancing new deepwater projects Tiber-Guadalupe and Kaskida in the Gulf of Mexico, positioning them as key growth drivers alongside its five existing platforms. Together, these assets are expected to lift the firm’s U.S. offshore output capacity to more than 400,000 barrels of oil equivalent per day by 2030.

Tiber and Guadalupe fields are estimated to have recoverable resources of around 350 million barrels of oil equivalent from the initial phase. Additional wells could be drilled in future phases, subject to further evaluation.

Tiber floating production platform, modeled over 85% on the Kaskida design, is slated to begin production in 2030. Development costs are projected to be about $3 per barrel lower than Kaskida, benefiting from design synergies.

MORE ON BP P.L.C.

* BP P.l.c. (BP) Discusses Launch Of Energy Outlook 2025 Call (Transcript) [https://seekingalpha.com/article/4825880-bp-plc-bp-discusses-launch-of-energy-outlook-2025-call-transcript]
* BP: Strategic Realignment And Cost-Saving Initiatives May Expand Profitability And Cash Flow Margins [https://seekingalpha.com/article/4822435-bp-strategic-realignment-and-cost-saving-initiatives-may-expand-profitability-and-cashflow-margins]
* BP: It Was Too Low Last Year, And It's Still Too Low [https://seekingalpha.com/article/4820246-bp-it-was-too-low-last-year-still-too-low]
* BP sees oil demand growth until 2030, dropping view for peak demand as soon as this year [https://seekingalpha.com/news/4499220-bp-sees-oil-demand-growth-until-2030-dropping-view-for-peak-demand-as-soon-as-this-year]
* BP launches £1.6 billion pension risk transfer deal with UK insurer L&G [https://seekingalpha.com/news/4498678-bp-launches-16-billion-pension-risk-transfer-deal-with-uk-insurer-lg]