BP to spend $5 in Gulf of Mexico

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BRITISH PETROLEUM (BP)  PLANS $5b PROJECT IN GULF OF MEXICO 


BP is on the plan of a give year project plan  aimed toward  development of an offshore drilling project in the Gulf of Mexico worth $5 billion.

Tiber-Guadalupe oil and gas project to come online in 2030 .The floating platform will have the capacity to produce 80,000 barrels of oil per day, en route to BP increasing its US upstream output to more than 1 million barrels of oil  per day.

This  is a major  British energy  commitment to the US  to rebuild its oil and gas system and business following a strategic shift in February away from renewables and back to its core oil and gas energy.

The oil  fields are estimated to hold recoverable resources of about 350 million barrels of oil equivalent, according to the company.

It will help BP cater for  her  production target of 400,000 barrels of oil  per day (boepd) from the Gulf by 2030, compared to 341,000 boepd in 2024.

The Gulf of Mexico’s output is projected to rise from 1.8 million barrels per day (bpd) to 2.4 million bpd by 2027, according to estimates .

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