On Monday, BP PLC announced its approval of a $5 billion offshore drilling project in the U.S. Gulf of Mexico, named the Tiber‑Guadalupe project. The investment will focus on a deep‑water field that is estimated to hold 350 million barrels of oil equivalent in recoverable resources.
The project is slated to begin production in 2030 and is part of BP’s strategy to increase U.S. output to just over 1 million barrels of oil equivalent per day by the end of the decade. The move underscores the company’s renewed focus on its core hydrocarbon assets following a strategic reset that shifted spending away from renewables.
By committing capital to the Tiber‑Guadalupe field, BP aims to strengthen its upstream portfolio and secure a long‑term supply of hydrocarbons, positioning the company to capture higher margins in a market where oil and gas demand remains resilient.
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