- BP discovers a new deepwater oil field about 190 km off Louisiana’s coast, reinforcing its Gulf of Mexico operations.
- The company plans to drill 40 wells globally by 2027, with 15 set for this year, aiming for 2.5 million barrels per day by 2030.
- Discovery signals BP’s shift back to fossil fuels despite past climate pledges and the legacy of the 2010 Deepwater Horizon disaster.
British energy giant BP has discovered a new oil field in the deep waters of the Gulf of Mexico. The site lies roughly 190 kilometres off the coast of Louisiana.
BP continues to expand its fossil fuel operations while shifting away from earlier climate targets. The company has identified the discovery as part of its broader strategy to boost oil and gas output by 2030.
BP plans to drill about 40 wells globally over the next three years, including up to 15 wells in 2025 alone. By 2030, BP wants to increase its daily production to 2.5 million barrels of oil equivalent. The Gulf of Mexico will contribute over 400,000 daily barrels toward that goal.
Andy Krieger, BP’s Vice President for Gulf of Mexico operations, said the region plays a key role in the company’s future. “The Gulf remains a strategic pillar for BP,” he stated.
BP continues to focus on offshore drilling in high-return areas. The company declined to share the full size of the new field but views the site as an essential resource.
Other oil companies also ramp up exploration as global demand for fossil fuels persists. Despite growing climate pressure, BP doubles on hydrocarbon development to meet energy needs and investor expectations.
The Gulf of Mexico holds historical importance for BP. In 2010, the Deepwater Horizon rig explosion triggered the worst oil spill in U.S. history. The blast killed 11 workers and released millions of barrels of oil into the sea. BP paid tens of billions of dollars in fines, cleanup, and compensation.
Since then, BP has increased safety standards and adopted new technologies. The company aims to restore confidence in its Gulf operations and maximise the region’s output potential.
Former U.S. President Donald Trump’s administration renamed the region the “American Gulf.” The directive highlighted the area’s importance to U.S. energy independence, fishing, and tourism industries.
BP’s discovery supports its efforts to scale production in key offshore zones. The findings strengthen the company’s portfolio and align with its goal of remaining dominant in global oil markets.
BP continues to prioritise growth in traditional energy sources, even as it faces criticism from climate advocates. While some firms invest more in renewables, BP increases oil drilling in established regions with proven reserves.
The discovery marks another step in BP’s shift back to hydrocarbons. The company relies on such findings to boost returns and reinforce its role in the global energy supply.
Industry analysts, environmental groups, and policymakers will closely monitor BP’s next moves. As energy demands evolve, BP positions itself for long-term growth through deepwater exploration and development.