BP and its partner Chevron have made an oil discovery at the Far South prospect in the deepwater U.S. Gulf of America.
BP drilled the exploration well in Green Canyon Block 584, located in western Green Canyon approximately 120 miles (193 kilometers) off the coast of Louisiana in 4,092 (1,247) feet of water.
BP is the operator of the Far South, with 57.5% share, with Chevron as its partner holding 42.4% working interest.
The well was drilled to a total depth of 23,830 feet (7,263 meters).
Both the initial well and a subsequent sidetrack encountered oil in high-quality Miocene reservoirs. Preliminary data supports a potentially commercial volume of hydrocarbons.
“This Far South discovery demonstrates that the Gulf of America remains an area of incredible growth and opportunity for BP. Our Gulf of America business is central to bp’s strategy. We are focused on delivering more affordable and reliable energy from this region, building our capacity to over 400,000 barrels of oil equivalent per day by the end of the decade,” said Andy Krieger, Senior Vice President, Gulf of America and Canada.
BP expects to grow its global upstream production to 2.3 – 2.5 million barrels of oil equivalent in 2030, with the capacity to increase production out to 2035. Around 1 million barrels of oil equivalent per day are expected to be delivered from the U.S. onshore and offshore regions by 2030.