BP makes oil discovery in deepwater Gulf of Mexico

HOUSTON, April 14, 2025 – BP has made an oil discovery at the Far South prospect in the deepwater Gulf of Mexico’s Green Canyon Block 584, the company announced on Monday.

The well was drilled around 190 kilometres off the coast of Louisiana in 1,247 metres of water to a total depth of 7,263 metres. Both the initial and sidetrack wells encountered oil in high-quality Miocene reservoirs, with preliminary data suggesting a potentially commercial volume of hydrocarbons.

BP is operator of the Far South prospect with a 57.5% stake, while Chevron U.S.A. holds the remaining 42.5%. The find aligns with BP’s upstream strategy reset, announced in February 2025, aimed at boosting exploration investment and strengthening its global portfolio.

The company plans to raise capacity in the Gulf of Mexico to more than 400,000 barrels of oil equivalent per day by 2030. BP expects to grow its global upstream production to 2.3 million-2.5 million barrels of oil equivalent in 2030, with around 1 million barrels per day to come from U.S. offshore and onshore operations.

Photo courtesy of BP

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