bp announced a recent oil discovery at the Far South prospect in the deep water U.S. Gulf of America. The company drilled the exploration well in Green Canyon Block 584 in western Green Canyon approximately 120 miles off the coast of Louisiana to a total depth of 23,830 feet. The Far South co-owners are bp (operator, 57.5%) and Chevron U.S.A. Inc. (42.5%).
The initial well – and a subsequent sidetrack – encountered oil in high-quality Miocene reservoirs with preliminary data supporting a potentially commercial volume of hydrocarbons.
This discovery underscores how bp is stepping up its investment in exploration and strengthening its upstream portfolio following a strategy that was reset earlier this year. The company plans to expand its exploration program with approximately 40 wells over the next three years and expects to drill 10-15 wells in 2025. It also anticipates growing its global upstream production to 2.3 to 2.5 million barrels of oil equivalent in 2030 with the capacity to increase production out to 2035.