ZODIACLOG
BP has hit black gold once again. The British energy major announced a significant new oil discovery in the deepwater Gulf of Mexico, injecting fresh momentum into its fossil fuel ambitions. The new find, located at the ‘Far South’ prospect roughly 120 miles off the coast of Louisiana, promises to become a key asset in BP’s growing offshore portfolio.
Drilling operations in Green Canyon Block 584 revealed oil in both the initial well and a follow-up sidetrack. Early evaluations suggest the site holds commercially viable volumes of oil and gas, setting the stage for large-scale production. BP holds a commanding 57.5% stake in the field, while Chevron controls the remaining 42.5%.
This discovery couldn’t come at a more strategic time. BP has shifted gears in recent years, doubling down on oil and gas exploration after scaling back its renewable energy targets. The company now aims to boost its Gulf of Mexico output to 400,000 barrels of oil equivalent per day (boepd) by 2030. Globally, it plans to reach between 2.3 and 2.5 million boepd by the end of the decade.
Andy Krieger, BP’s Senior Vice President for Gulf of Mexico and Canada, emphasized the significance of the find. “This is a big moment for us. The Gulf of Mexico remains central to our strategy, and discoveries like Far South validate our long-term vision,” he said.
The discovery also marks a bold step forward, nearly 15 years after the Deepwater Horizon disaster, one of the worst oil spills in U.S. history. Despite that legacy, BP has invested heavily in safety and technology, aiming to make the Gulf a cornerstone of its upstream resurgence.
But Far South is just the beginning. BP has already greenlit development of the Kaskida oilfield and plans to proceed with the Tiber project later this year. Both fields sit within the Paleogene formations of the Gulf and are expected to contribute significantly to BP’s U.S. production goals.
And the company isn’t slowing down. Over the next three years, BP plans to drill around 40 exploration wells worldwide — with up to 15 set for this year alone. It’s clear the energy giant is betting big on oil.
Investors responded swiftly. BP’s shares jumped 4.72% in early trading following the announcement, signaling strong market confidence in its upstream focus.
This discovery strengthens BP’s position in the Gulf and adds momentum to its pivot back to hydrocarbons. With high-stakes projects on the horizon and exploration ramping up, BP is charging full speed ahead into a future powered — at least in part — by oil.
