BP Discovers Oil At Far South Prospect in Deepwater Gulf, Boosts Upstream Growth Outlook

BP p.l.c. (NYSE:BP) shares are trading higher premarket at the last check Monday after the company disclosed a new oil discovery at the Far South prospect in the deepwater U.S. off the Louisiana coast.

The exploration well was drilled in Green Canyon Block 584, located roughly 120 miles off the Louisiana coast in 4,092 feet of water, reaching a total depth of 23,830 feet.

BP operates the project with a 57.5% stake, while Chevron U.S.A. Inc. holds the remaining 42.5%.

This discovery highlights BP's renewed focus on exploration, aligning with its February 2025 strategy reset to boost upstream investment and enhance its exploration portfolio.

In particular, BP aims to increase its global upstream production to between 2.3 and 2.5 million barrels of oil equivalent per day by 2030, with potential for further ...

https://www.benzinga.com/25/04/44788755/bp-discovers-oil-at-far-south-prospect-in-deepwater-gulf-boosts-upstream-growth-outlook