bp Announces Oil Discovery at Far South Prospect as Gulf of America Becomes Key Growth Area

bp Announces Oil Discovery at Far South Prospect as Gulf of America Becomes Key Growth Area

(IN BRIEF) bp has announced a new oil discovery at the Far South prospect in the deepwater Gulf of America. Located in Green Canyon Block 584, about 120 miles off Louisiana’s coast, the exploration well—drilled to a depth of 23,830 feet—encountered high-quality oil-bearing Miocene reservoirs. bp operates the field with a 57.5% stake, alongside Chevron U.S.A. Inc. Preliminary results suggest commercially viable hydrocarbon volumes. This marks a key milestone in bp’s strategic shift toward expanding its upstream portfolio, with Gulf production targeted to exceed 400,000 barrels of oil equivalent per day by 2030. The discovery adds to bp’s strong history of exploration success and its ongoing investment in U.S. energy production.

(PRESS RELEASE) LONDON, 14-Apr-2025 — /EuropaWire/ — bp has announced a new oil discovery in the deepwater Gulf of America, marking a promising development at the Far South prospect located in Green Canyon Block 584. Situated roughly 120 miles off the coast of Louisiana in 4,092 feet of water, the exploration well was drilled to a total depth of 23,830 feet.

bp operates the Far South prospect with a 57.5% stake, alongside co-owner Chevron U.S.A. Inc., which holds the remaining 42.5%. Both the primary well and a subsequent sidetrack successfully encountered oil in high-quality Miocene-age reservoirs. Preliminary findings suggest the presence of potentially commercial volumes of hydrocarbons.

“This Far South discovery reinforces the enormous opportunity that the Gulf of America represents for bp,” said Andy Krieger, Senior Vice President for bp’s Gulf of America and Canada operations. “This region is core to our upstream strategy as we continue to deliver affordable and reliable energy. We’re working toward expanding our Gulf production capacity to over 400,000 barrels of oil equivalent per day by the end of this decade.”

The discovery comes amid bp’s renewed focus on exploration and upstream growth, aligned with its updated corporate strategy announced in February 2025. The company aims to increase global upstream output to between 2.3 and 2.5 million barrels of oil equivalent per day by 2030, with U.S. onshore and offshore regions contributing around 1 million barrels daily.

The Far South prospect lies approximately four miles north of the Constellation field and adds to bp’s strong track record in the Gulf of America, where it has made over 40 discoveries in the past decade. These include recent successes in Trinidad and Egypt.

Looking ahead, bp plans to ramp up exploration activities globally, with about 40 wells scheduled for drilling over the next three years—10 to 15 of them in 2025 alone.

Notes to editors

• The Far South field is located 4 miles north of the Constellation field in the Gulf of America.

• The Far South co-owners are: bp (operator, 57.5%) and Chevron U.S.A. Inc. (42.5%).

• bp has made over 40 discoveries in the last decade, including recent successes in Trinidad, Egypt and the Gulf of America.

• bp is ramping up its exploration program, with around 40 wells planned over the next three years, with 10-15 of those to be drilled in 2025.

Cautionary statement

In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’) and the general doctrine of cautionary statements, bp is providing the following cautionary statement.

This press release contains certain forecasts, projections and forward-looking statements – that is, statements related to future, not past events and circumstances – with respect to the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘targets’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of bp. Actual results or outcomes, may differ materially from those expressed in such statements, depending on a variety of factors, including the risk factors discussed under “Risk factors” in bp’s most recent Annual Report and Form 20-F as filed with the US Securities and Exchange Commission and in any of our more recent public reports.

Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.

Media Contact:

bp US press office: uspress@bp.com

SOURCE: BP