BP has announced a significant oil discovery at its Far South prospect in the deepwater U.S. Gulf of Mexico, marking a key development in the company’s renewed commitment to upstream growth.
The exploratory well was drilled in Green Canyon Block 584, situated in the western part of Green Canyon approximately 120 miles off the Louisiana coast. Positioned in 4,092 feet of water, the well reached a total depth of 23,830 feet. The Far South project is operated by BP with a 57.5% interest, alongside Chevron U.S.A. Inc., which holds the remaining 42.5%.
Both the initial well and a subsequent sidetrack encountered oil-bearing, high-quality Miocene reservoirs. Preliminary analysis suggests the presence of potentially commercial volumes of hydrocarbons, boosting confidence in the site’s long-term viability.
“This Far South discovery demonstrates that the Gulf of Mexico remains an area of incredible growth and opportunity for BP,” said Andy Krieger, Senior Vice President for BP’s Gulf of Mexico and Canada operations. “Our Gulf of Mexico business is central to BP’s strategy. We are focused on delivering more affordable and reliable energy from this region, building our capacity to over 400,000 barrels of oil equivalent per day by the end of the decade.”
The find aligns with BP’s strategic shift unveiled in February 2025, which emphasized increased investment in exploration and the strengthening of its upstream portfolio. The company aims to grow global upstream production to between 2.3 and 2.5 million barrels of oil equivalent per day by 2030, with the potential for further increases through 2035.
Of that global output, BP expects approximately 1 million barrels of oil equivalent per day to come from U.S. onshore and offshore operations by the end of the decade, with the Gulf of Mexico playing a pivotal role.
This latest discovery reinforces BP’s long-term vision for energy security and growth in the U.S., underscoring the strategic importance of the Gulf in its global portfolio.