BP has approved the development of the Tiber-Guadalupe project in the Gulf of America, representing a significant investment in offshore oil production with expected operations commencing in 2030.

Target Information

BP has approved the Tiber-Guadalupe project, a significant initiative in the Gulf of America, which will be entirely owned and operated by the company. This project is a notable addition to BP's portfolio as it marks the seventh operated oil and gas production hub in this critical offshore region. The floating production platform associated with the Tiber-Guadalupe project is expected to have a production capacity of 80,000 barrels of crude oil per day, with initial operations projected to commence in 2030.

Utilizing a streamlined design approach, BP aims to implement cost-efficient methodologies throughout the project's development. Estimated recoverable resources for the Tiber and Guadalupe fields are approximately 350 million barrels of oil equivalent. Additionally, the project is projected to unlock around 10 billion barrels of discovered resources located across BP's Gulf of America Paleogene assets.

Industry Overview

The Gulf of America remains a vital region for oil production, boasting some of the world's leading offshore oil and gas reserves. With a significant portion of production facilities based in this area, the Gulf has consistently been a focal point for major energy