bp, one of the world’s largest integrated oil companies, has made a final investment decision (FID) regarding its $5 billion Tiber-Guadalupe development project in the US Gulf of Mexico. The project marks the company’s second new offshore production platform approved in less than two years, bp said in a statement.
Tiber-Guadalupe is one of the 8–10 major projects slated to come online globally between 2028 and 2030. The project, fully owned and operated by bp, will become the company’s seventh production hub in the region. It will feature a floating production facility capable of handling 80,000 barrels of crude oil per day (bbl/d), fed by six wells in the Tiber field and a two-well tieback from the nearby Guadalupe field. First oil production is targeted for 2030.
Recoverable resources from the initial development phase are estimated at around 350 million barrels of oil equivalent (mmboe), with the potential for further drilling in later stages. Together with its Kaskida project, also fully owned, bp expects to spend about $10 billion on advancing its Paleogene portfolio in the Gulf. These two developments are expected to be central to bp’s plan to lift offshore production capacity in the Gulf to more than 400,000 barrels of oil equivalent per day (boe/d) by the end of the decade.
Across its US onshore and offshore operations, bp aims to exceed 1 million barrels of oil equivalent per day (mmboe/d) by 2030. For the Tiber-Guadalupe hub, the company will replicate more than 85% of the design from its Kaskida platform, a strategy expected to cut development costs by about $3 per barrel while boosting efficiency in construction and operations.
bp originally discovered the Tiber field in 2009 and has since worked with industry partners to pioneer the “20K” high-pressure technology needed for such ultra-deepwater developments. This includes larger drilling rigs, subsea systems, and reinforced metal casing, all of which will undergo independent testing and approval to ensure safe operations.
The post bp Greenlights $5 Billion Tiber-Guadalupe Project in US Gulf first appeared on Egypt Oil & Gas.
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