Far South ownership is shared between bp with a 57.5% stake and Chevron USA with the remaining 42.5%. Credit: bp.

BP has made a significant oil discovery at its Far South prospect in the deep-water Gulf of Mexico.

The exploration well, drilled in Green Canyon Block 584, is located approximately 120 miles (193.1km) off the coast of Louisiana in 4,092ft of water. The well reached a total depth of 23,830ft.

This discovery underscores bp’s commitment to enhancing its upstream portfolio.

Ownership of Far South is shared between bp with a 57.5% stake and Chevron USA with the remaining 42.5%.

Both the original well and a later sidetrack discovered oil in high-quality Miocene reservoirs.

Preliminary data indicates a potentially commercial volume of hydrocarbons, reinforcing bp’s exploration strategy.

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BP aims to increase its global upstream production to 2.3–2.5 million barrels of oil equivalent by 2030, with plans to extend production capacity to 2035.

The company expects to deliver around one million barrels of oil equivalent per day (boepd) from US onshore and offshore regions by 2030.

BP senior vice-president Gulf of America and Canada Andy Krieger said: “This Far South discovery demonstrates that the Gulf of America remains an area of incredible growth and opportunity for bp. Our Gulf of America business is central to bp’s strategy.

“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.”

In a related development, bp Trinidad and Tobago (bpTT) has reached the final investment decision on the Ginger gas development.

This marks significant progress in its Trinidad operations, aligning with bp’s strategy to expand its oil and gas footprint.

Ginger will be bpTT’s fourth subsea project, featuring four subsea wells and subsea trees connected to the existing Mahogany B platform.

The project is expected to commence production in 2027, part of bp’s ten major projects set for start-up between 2025 and 2027.

The Ginger development aims for a peak production capacity of 62,000boepd.