BP has made an oil discovery at the Far South prospect in the deepwater U.S. Gulf of Mexico, the company said April 14.
BP drilled the exploration well in Green Canyon Block 584, in the western Green Canyon approximately 120 miles off the coast of Louisiana in 4,092 ft of water.
The well was drilled to a total depth of 23,830 ft. The Far South co-owners are operator BP (which holds 57.5% stake) and Chevron U.S.A. Inc. (42.5%).
“Both the initial well and a subsequent sidetrack encountered oil in high-quality Miocene reservoirs,” BP said in a press release. “Preliminary data supports a potentially commercial volume of hydrocarbons.”
BP did not give specifics on the potential reserves the well encountered.
"Our Gulf of America business is central to bp’s strategy,” said Andy Krieger, the company’s senior vice president for Gulf of America and Canada. “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.”
President Trump has designated the Gulf of Mexico as the Gulf of America.
The discovery in the “deepwater Gulf of America underscores how bp is in action to step up investment in exploration and strengthen its upstream portfolio under the strategy reset announced in February 2025,” the company said.
Kriegersaid the Far South discovery demonstrates that the “Gulf of America remains an area of incredible growth and opportunity for bp” and that the gulf is central to the company’s strategy.
BP said it expects to grow global upstream production to 2.3 MMboe to 2.5 MMboe in 2030, with capacity for further production to 2035. “Around 1 million barrels of oil equivalent per day are expected to be delivered from the U.S. onshore and offshore regions by 2030,” the company said.
The Far South field is located 4 miles north of the Gulf’s Constellation Field.
BP said it is ramping up its exploration program, with around 40 wells planned over the next three years, with 10-15 of those to be drilled in 2025.
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