Energy giant bp today announced a significant oil discovery at its Far South prospect located in the deepwater U.S. Gulf of Mexico. The discovery, situated approximately 120 miles off the coast of Louisiana in the western Green Canyon area, highlights bp's recently announced strategy to increase investment in exploration and strengthen its upstream portfolio.

The exploration well, drilled in Green Canyon Block 584, reached a total depth of 23,830 feet in 4,092 feet of water. bp, as the operator with a 57.5% working interest, partnered with Chevron U.S.A. Inc., which holds the remaining 42.5%.

According to bp's statement, both the initial well and a subsequent sidetrack successfully encountered oil within high-quality Miocene reservoirs. Preliminary data gathered from the drilling operations indicates the presence of potentially commercial volumes of hydrocarbons.

Andy Krieger, bp’s Senior Vice President for Gulf of America and Canada, emphasized the strategic importance of the region for the company. "Our Gulf of America business is central to bp’s strategy," he stated. "We are focused on delivering more affordable and reliable energy from this region, building our capacity to over 400,000 barrels of oil equivalent per day by the end of the decade.”

This discovery underscores bp's commitment to the Gulf of Mexico as a key growth area. The company highlighted that this success directly reflects its renewed focus on upstream exploration, a strategy reset announced in February 2025. This revised approach aims to secure future energy supplies and bolster bp's production capabilities.

Krieger further commented on the significance of the Far South find, stating, “This Far South discovery demonstrates that the Gulf of America remains an area of incredible growth and opportunity for bp.” His remarks reiterate the company's confidence in the long-term viability and potential of the deepwater Gulf of Mexico for significant resource development.

Looking ahead, bp has set ambitious targets for its global upstream production, aiming for a range of 2.3 to 2.5 million barrels of oil equivalent per day by 2030, with the capacity to increase production further out to 2035. A substantial portion of this production, approximately 1 million barrels of oil equivalent per day, is expected to be delivered from the company's U.S. onshore and offshore operations by the end of the current decade.

The Far South discovery represents a significant step towards achieving these production goals and reinforces bp's position as a major player in the U.S. energy sector.