Posted on 04/14/2025 5:08:50 PM PDT by SeekAndFind
April 14 - BP (BP.L), opens new tab has made an oil discovery at the Far South field in the U.S. Gulf of Mexico, it said on Monday, as the energy major seeks to grow production under a strategy reset announced earlier this year.
The exploration well was drilled in Green Canyon Block 584 about 120 miles (193.12 km) off the coast of Louisiana. Both the initial well and a sidetrack encountered oil. Preliminary data indicates a potentially commercial volume of oil and gas, the company said in a statement.
It also said it plans to increase output in the Gulf of Mexico to 400,000 barrels of oil equivalent per day by 2030. It expects global production to reach 2.3 million to 2.5 million boepd by the end of the decade, with potential to grow through 2035.
London-listed shares of BP were up 4.72% in early trade. BP is the operator of Far South with a 57.5% interest, while partner Chevron (CVX.N), opens new tab holds 42.5%. BP announced a strategy shift in February to turn around its underperformance, cutting planned investment in renewable energy to refocus on oil and gas.
Around 1 million boepd are expected to be delivered from the U.S. onshore and offshore regions by 2030.
BP plans more exploration in the ocean basin. It has approved the development of the Kaskida oilfield, which lies in a complex geological structure called the Paleogene, and plans to go ahead with a second Paleogene development, Tiber, later this year, CEO Murray Auchincloss told a conference last month.
(Excerpt) Read more at reuters.com ...
Gulf of Mexico? Where is that?
“ BP announced a strategy shift in February to turn around its underperformance, cutting planned investment in renewable energy to refocus on oil and gas.”
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Well, what do you know… a return to financial common sense. TRUMP EFFECT!!
Reuters needs a geography lesson.
They were shootin’ at some food and up from the Gulf came some bubblin’ crude. Gulf of AMERICA style. Powers our cars and trucks. Yessir. 🛢️⛽🚗🚚🚛🚚🚛🚜
Trump is wrong to want to rename it. Nor do I recognize his authority to do so. He should stick to deporting illegals.
It's wrong when Democrats change historically accepted names. And it's wrong when Republicans do it.
Swimmin’ pools... movie stars.
HUH? Where oh where could that be? Rooters needs to check the map.
FU Roto Rooters
I’m sure they meant in the Gulf of America.
You got it. You can set a spell.
“It’s wrong when Democrats change historically accepted names. And it’s wrong when Republicans do it.”
So we put all the names back to 2000... and go from there?
Think you have no problems from all the republicans. But I think the democrats are going to have a problem with the names of a few bases.
Stopped reading at of Mexico..
How fast will a federal judge step in to tell BP to forget about the oil find?
Jed Clampett?
Maybe you should move to Mexico?
Absolutely.
And yet, the Dems do whatever they want. Pay back. Screw 'em.
Thee Gulf Coast of America 😉
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