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Benzinga
Benzinga
Business
Akanksha Bakshi

BP Just Approved A $5 Billion Oil Project

British Petroleum Oil United States Gulf the Gulf of America crude oil
Tenerife,canary,Islands,spain,-,October,20,2023:,Bp,,British,Petroleum,Multinational,Oil

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.

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