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European oil and gas majors BP and TotalEnergies on Monday deepened their commitments to the United States, with BP approving a $5 billion offshore oil field and TotalEnergies buying into an onshore g... ...

Core Viewpoint - BP is advancing a $5 billion offshore drilling project in the U.S. Gulf of Mexico, focusing on the Tiber-Guadalupe project, which includes the approval of a second new production platform with a daily oil output capacity of 80,000 barrels [1] Group 1: Project Details - The Tiber-Guadalupe project consists of six wells from the Tiber oil field and two tie-back wells extending from the Guadalupe oil field [1] - BP is positioning the new deepwater projects, Tiber-Guadalupe and Kaskida, alongside five existing platforms as key growth drivers for the company [1] - By 2030, these assets are expected to enhance BP's offshore oil production capacity in the U.S. to over 400,000 barrels of oil equivalent per day [1] Group 2: Resource Estimates - The Tiber and Guadalupe oil fields are estimated to have approximately 350 million barrels of oil equivalent available for extraction in the initial phase [1] - Future phases may involve drilling additional wells, contingent on subsequent evaluation results [1] Group 3: Platform Design and Cost - The Tiber floating production platform is designed to be approximately 85% based on the Kaskida design, with production expected to commence in 2030 [1] - The development cost of the Tiber platform is projected to be about $3 per barrel lower than that of Kaskida, benefiting from design synergies [1]

Core Viewpoint - BP Plc has approved a $5 billion oil and gas project in the Gulf of America, emphasizing its commitment to offshore growth and energy security for the future [1][3]. Group 1: Project Details - The Tiber-Guadalupe development is set to begin production in 2030, with a capacity of 80,000 barrels of crude oil per day [1]. - This project will be BP's seventh operated hub in the Gulf and combines six wells from the Tiber field with two tiebacks from the Guadalupe field [2]. - The first phase of the development is projected to recover approximately 350 million barrels of oil equivalent, with potential for further drilling [3]. Group 2: Strategic Importance - The new hub is expected to increase Gulf output to over 400,000 barrels of oil equivalent per day by 2030, building on BP's operational experience [4]. - The project utilizes advanced technology designed to safely manage extreme pressures of up to 20,000 pounds per square inch [4]. Group 3: Financial Outlook - BP plans to launch eight to ten major projects globally between 2028 and 2030, with an investment of about $10 billion to unlock Paleogene resources in the Gulf [5]. - The company is balancing growth with shareholder returns, having raised its dividend and announced a $750 million share buyback in August [5].

Core Insights - BP has made a final investment decision on the Tiber-Guadalupe project, estimated at $5 billion, as part of its strategy to increase upstream production and achieve over 1 million barrels of oil equivalent per day in the U.S. by 2030 [1][5]. Project Overview - Tiber-Guadalupe will be BP's seventh operated oil and gas production hub in the Gulf of Mexico, featuring a floating production platform with a capacity of 80,000 barrels of crude oil per day, with production expected to commence in 2030 [2]. - The project is part of BP's plan to initiate 8-10 major projects globally between 2028 and 2030 [2]. Strategic Focus - The Tiber-Guadalupe project aligns with BP's revised strategy to focus on upstream oil and gas production, reducing investments in renewables [3]. - BP aims to launch 10 new major upstream projects by the end of 2027 and an additional 8-10 projects by the end of 2030, targeting a production increase to 2.3-2.5 million barrels of oil equivalent per day by 2030 [4]. Investment and Capacity Goals - Together with the Kaskida project, Tiber-Guadalupe is expected to enhance BP's production capacity to over 400,000 barrels of oil equivalent per day from the U.S. offshore region by 2030 [5]. - BP plans to invest approximately $10 billion in its Gulf of America Paleogene projects, including Tiber-Guadalupe and Kaskida [4]. Market Outlook - BP's senior vice president highlighted the importance of Tiber-Guadalupe and Kaskida in meeting global energy demands, which are projected to rise through 2030 [6]. - BP has revised its outlook on global oil demand, indicating it will continue to grow amid weaker-than-expected efficiency gains [6].

Core Viewpoint - BP has announced a $5 billion offshore drilling project in the US Gulf of Mexico, demonstrating its commitment to rebuilding and expanding its operations in the energy sector [1] Company Summary - The $5 billion investment signifies BP's strategic focus on offshore drilling as a key area for growth [1] - This project is part of BP's broader strategy to enhance its energy production capabilities and respond to market demands [1] Industry Summary - The decision to invest in offshore drilling reflects a trend in the energy industry towards increasing production capacity in response to rising energy needs [1] - The Gulf of Mexico remains a critical region for oil and gas exploration, attracting significant investments from major energy companies [1]

British energy major BP (NYSE:BP) is moving forward with a $5 billion offshore drilling project in the U.S. Gulf of Mexico. The company reached a final investment decision on the Tiber-Guadalupe project, approving its second new production platform with the capacity ...

BP reached a final investment decision on the $5 billion Tiber-Guadalupe project off the US Gulf coast https://t.co/GJF6p1gtbi ...

BP Approves Tiber-Guadalupe Project in Gulf of Mexico https://t.co/LFhtstjJz1 ...

Group 1 - BP is advancing with a $5 billion offshore drilling project in the U.S. Gulf of Mexico named Tiber-Guadalupe [1] - This project represents a significant step in BP's strategic shift towards offshore exploration and production [1] - The investment aligns with BP's broader goals to enhance its operational capabilities in the energy sector [1]