Street Calls of the Week
Investing.com -- British energy giant BP plans to invest $5 billion in its Tiber-Guadalupe project in the Gulf of Mexico, marking its second new platform in the region in less than two years.
The company announced Monday it has made the final investment decision on the project, with production expected to begin in 2030. The platform will be BP’s seventh oil and gas production hub in the Gulf of Mexico, which the U.S. now refers to as the Gulf of America.
The 100% BP-owned platform will have capacity to produce 80,000 barrels of crude oil daily. The project includes six wells in the Tiber field and a two-well tieback from the Guadalupe field.
This investment aligns with BP’s reset strategy, which shifts focus toward oil and gas production and away from renewables. The company aims to more than double its U.S. production by the end of the decade, targeting growth of its offshore and onshore production in the United States to over 1 million barrels of oil equivalent per day by 2030.
BP stated that the approximately $5 billion investment fits within its existing financial framework.
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