BP to spend $5 in Gulf of Mexico
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 20...