The oil-and-gas giant announced the major move this week.
Not only are some of the world’s top oil-and-gas companies pulling away from renewables and embracing fossil fuels even more, but they’re also doubling down by making major plays in the crude-rich Gulf of Mexico.
BP, one of the most aggressive actors when it comes to the crude oil renaissance, just announced a big move in the Gulf. The British company with U.S. headquarters in Houston revealed Monday that it approved a $5 billion project that’ll set up a major operations base in the large body of water.
It’s called the Tiber-Guadalupe project, one of around 10 that BP hopes to get going between 2028 and ’30. It’ll base in the Tiber and Guadalupe oil fields, which BP named after Italian and Texas rivers and are located about 300 miles southwest of New Orleans, or about 225 miles southeast of Corpus Christi. BP thinks the site can produce up to 80,000 barrels of crude per day once its fully operational, which is expected in 2030.
“Our decision to move forward on the Tiber-Guadalupe project is a testament to our commitment to continue investing in the Gulf of [Mexico] and expand our energy production from one of the premier basins in the world,” said Andy Krieger, BP Senior Vice President of the Gulf of [Mexico] and Canada. “Along with its sister project Kaskida, Tiber-Guadalupe will play a critical role in BP’s focus on delivering secure and reliable energy the world needs today and tomorrow.”
BP has five platforms already in the Gulf, including Argos about 200 miles south of New Orleans. That project got going in early August and is producing 20,000 barrels of oil equivalent per day. BP has a history in the Tiber oil field, discovering the area in the early 2000s and drilling there with Deepwater Horizon in 2009.
Earlier in the year, BP announced it was pivoting away from renewables in favor of good ol’ fashioned oil and gas. In February, BP Chief Executive Murray Auchincloss said the company had gone “too far, too fast” in embracing sustainability over fossil fuels, according to the BBC. BP stock fell about 19 percent between late 2019 and ’24, the period in which the company started moving more toward green energy.
Other oil-and-gas companies have been, like BP, launching major projects in the Gulf. Last month, Occidental Petroleum announced a partnership with Chevron on the deepest well in the Gulf to date, the 40,000-foot-deep Bandit located about 200 miles southwest of New Orleans.
https://www.chron.com/gulf-coast/article/bp-oil-energy-drilling-tiber-21078497.php