British oil and gas company, BP recently announced a significant oil discovery located in the area now known as the Gulf of America at the Far South Prospect.
The global operator drilled into an exploration well sited in western Green Canyon approximately 120 miles offshore from the Louisiana coastline at a depth of 4,092 ft. The well in Green Canyon Block 584 was drilled around 23,830 ft deep.
The Far South prospect is co-owned by BP (owners of the Castrol lubricant brand) and Chevron USA (operators of Texaco lubricants). The well discovered oil in Miocene reservoirs, as did the subsequent side-track, and early data suggests the potential for hydrocarbons in commercial volume.
The deep water Gulf of America discovery highlights how BP is actively working to increase investment in oil exploration to fortify its upstream portfolio as per the recent strategy reset that was announced this year in February.
Senior Vice President at BP for Gulf of America and Canada Andy Krieger, commented:
“This Far South discovery demonstrates that the Gulf of America remains an area of incredible growth and opportunity for BP. Our Gulf of America business is central to BP’s strategy.”
He added that the company was focused on supplying more dependable and affordable energy from the region and growing capacity to more than 400,000 oil barrels per day by the close of the decade. It anticipates increasing its international upstream production towards between 2.3 to 2.5 million barrels in 2030, while retaining the capacity for production increase to 2035.
