BP has announced a significant oil discovery in the Far South field of the U.S. Gulf of Mexico, reinforcing its strategic shift toward increased oil and gas production. The exploration well, drilled in Green Canyon Block 584, encountered potentially commercial volumes of hydrocarbons, marking a key milestone in BP’s offshore expansion.
Following its February 2025 strategy reset, BP has scaled back renewable energy investments to refocus on traditional energy sources. The company aims to increase Gulf of Mexico production to 400,000 barrels per day by 2030, contributing to its global target of 2.3–2.5 million barrels per day by the end of the decade.
BP operates the Far South project with a 57.5% stake, while Chevron holds the remaining 42.5%. The discovery aligns with BP’s broader exploration push, including the Kaskida and Tiber oilfields, which are set for development later this year.