BP has made a final investment decision on the Kaskida project in the US Gulf of Mexico, underscoring the company’s long-term dedication to providing secure, affordable, and reliable energy.

Kaskida will be BP’s sixth hub in the Gulf of Mexico, equipped with a new floating production platform capable of producing 80,000 barrels of crude oil per day from six wells during its initial phase. Production is projected to commence in 2029.

“By developing Kaskida, we will unlock the potential of the Paleogene in the Gulf of Mexico for BP, leveraging our decades of experience in the region,” said Gordon Birrell, BP’s Executive Vice President of Production and Operations.

“Technology has been, and will continue to be, crucial in advancing Kaskida from discovery to production. Alongside our other resources in the Paleogene, we anticipate it will become a world-class development. Today marks a significant step toward unlocking its full potential.”

The Kaskida field, fully owned by BP, has identified recoverable resources estimated at approximately 275 million barrels of oil equivalent from the initial phase. Future phases may include additional wells, depending on further evaluation.

The project is fully integrated into BP’s disciplined financial framework, highlighting BP’s commitment to prioritizing value and returns.

Situated in the Keathley Canyon area, approximately 250 miles southwest of New Orleans, the Kaskida project opens up the potential for future development of 10 billion barrels of discovered resources within the Kaskida and Tiber catchment areas.

BP aims to utilize existing platform and subsea equipment designs, which can be replicated in future projects, to achieve cost efficiencies throughout Kaskida’s construction, commissioning, and operations.

“Utilizing an industry-led design solution, Kaskida will be easier to construct and operate, improving safety and delivering greater value for BP,” said Andy Krieger, BP’s Senior Vice President for the Gulf of Mexico and Canada.

Kaskida is situated in an ideal location with a stable fiscal environment and access to market. It will be BP’s first Gulf of Mexico development to utilize reservoirs that require well equipment with a pressure rating of up to 20,000 pounds per square inch (20K).

Innovations in 20K drilling technology, combined with updated seismic imaging, are allowing BP to safely develop Kaskida and move forward with plans to develop other fields, such as Tiber, which is anticipated to reach a final investment decision next year.

This announcement highlights BP’s immediate priorities in action—advancing a significant high-value growth project while reinforcing its commitment to becoming a simpler, more focused, and higher-value company.