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Investing.com -- BP (NYSE:BP) has announced the discovery of oil at the U.S. Far South prospect located in the Gulf of Mexico.
This discovery comes as the British energy giant is expanding its upstream production under a revised strategy.
On Monday, BP revealed that preliminary data indicate high-quality reservoirs and a potentially commercial volume of hydrocarbons.
This exploration well is situated approximately 120 miles off the Louisiana coast and has been drilled to a total depth of 23,830 feet.
BP emphasized that this discovery showcases its increased investment in exploration and bolsters its upstream portfolio.
The company is currently growing its upstream production under a refreshed strategy, and the discovery at the U.S. Far South prospect signifies a key development in this direction.
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