Latest news with #Tiber
Yahoo
14-04-2025
- Business
- Yahoo
BP makes oil discovery off US Gulf coast
By Sheila Dang -BP has made an oil discovery at the Far South field in the U.S. Gulf of Mexico, it said on Monday, as the energy major seeks to grow production under a strategy reset announced earlier this year. The exploration well was drilled in Green Canyon Block 584 about 120 miles (193.12 km) off the coast of Louisiana. Both the initial well and a sidetrack encountered oil. Preliminary data indicates a potentially commercial volume of oil and gas, the company said in a statement. It also said it plans to increase output in the Gulf of Mexico to 400,000 barrels of oil equivalent per day by 2030. It expects global production to reach 2.3 million to 2.5 million boepd by the end of the decade, with potential to grow through 2035. London-listed shares of BP were up 4.72% in early trade. BP is the operator of Far South with a 57.5% interest, while partner Chevron holds 42.5%. BP announced a strategy shift in February to turn around its underperformance, cutting planned investment in renewable energy to refocus on oil and gas. Around 1 million boepd are expected to be delivered from the U.S. onshore and offshore regions by 2030. BP plans more exploration in the ocean basin. It has approved the development of the Kaskida oilfield, which lies in a complex geological structure called the Paleogene, and plans to go ahead with a second Paleogene development, Tiber, later this year, CEO Murray Auchincloss told a conference last month.
Zawya
14-04-2025
- Business
- Zawya
BP makes oil discovery off US Gulf coast
BP has made an oil discovery at the Far South field in the U.S. Gulf of Mexico, it said on Monday, as the energy major seeks to grow production under a strategy reset announced earlier this year. The exploration well was drilled in Green Canyon Block 584 about 120 miles (193.12 km) off the coast of Louisiana. Both the initial well and a sidetrack encountered oil. Preliminary data indicates a potentially commercial volume of oil and gas, the company said in a statement. It also said it plans to increase output in the Gulf of Mexico to 400,000 barrels of oil equivalent per day by 2030. It expects global production to reach 2.3 million to 2.5 million boepd by the end of the decade, with potential to grow through 2035. London-listed shares of BP were up 4.72% in early trade. BP is the operator of Far South with a 57.5% interest, while partner Chevron holds 42.5%. BP announced a strategy shift in February to turn around its underperformance, cutting planned investment in renewable energy to refocus on oil and gas. Around 1 million boepd are expected to be delivered from the U.S. onshore and offshore regions by 2030. BP plans more exploration in the ocean basin. It has approved the development of the Kaskida oilfield, which lies in a complex geological structure called the Paleogene, and plans to go ahead with a second Paleogene development, Tiber, later this year, CEO Murray Auchincloss told a conference last month. (Reporting by Sheila Dang in Houston, additional reporting by Arunima Kumar in Bengaluru; Editing by Leslie Adler and Barbara Lewis)
Yahoo
14-04-2025
- Business
- Yahoo
BP makes new oil discovery off US Gulf coast
By Sheila Dang BP made an oil discovery in the Far South field in the U.S. Gulf of Mexico, the UK-based oil major said on Monday. The exploration well was drilled in Green Canyon Block 584 about 120 miles off the coast of Louisiana. Both the initial well and a sidetrack encountered oil, and preliminary data indicates a potentially commercial volume of oil and gas, the company said in a press release. The discovery comes after BP announced a radical strategy shift in February to turn around its underperformance, slashing planned investment in renewable energy in order to refocus on oil and gas production. The company said it plans to grow production in the Gulf of Mexico to 400,000 barrels of oil equivalent per day (boepd) by 2030. Global production is expected to reach 2.3 million to 2.5 million boepd by the end of the decade. BP is the operator of Far South with a 57.5% interest, while partner Chevron holds a 42.5% stake. BP is planning more exploration in the ocean basin. It green-lit the development of the Kaskida oilfield, which lies in a complex geological structure called the Paleogene, and plans to go ahead with a second Paleogene development, Tiber, later this year, said CEO Murray Auchincloss during a conference last month. Sign in to access your portfolio
Reuters
14-04-2025
- Business
- Reuters
BP makes new oil discovery off US Gulf coast
April 14 - BP (BP.L), opens new tab made an oil discovery in the Far South field in the U.S. Gulf of Mexico, the UK-based oil major said on Monday. The exploration well was drilled in Green Canyon Block 584 about 120 miles off the coast of Louisiana. Both the initial well and a sidetrack encountered oil, and preliminary data indicates a potentially commercial volume of oil and gas, the company said in a press release. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. The discovery comes after BP announced a radical strategy shift in February to turn around its underperformance, slashing planned investment in renewable energy in order to refocus on oil and gas production. The company said it plans to grow production in the Gulf of Mexico to 400,000 barrels of oil equivalent per day (boepd) by 2030. Global production is expected to reach 2.3 million to 2.5 million boepd by the end of the decade. BP is the operator of Far South with a 57.5% interest, while partner Chevron (CVX.N), opens new tab holds a 42.5% stake. BP is planning more exploration in the ocean basin. It green-lit the development of the Kaskida oilfield, which lies in a complex geological structure called the Paleogene, and plans to go ahead with a second Paleogene development, Tiber, later this year, said CEO Murray Auchincloss during a conference last month.
Yahoo
13-03-2025
- Business
- Yahoo
Time has come to ramp up U.S. gas output, BP CEO says
By Ron Bousso HOUSTON - BP is set to ramp up U.S. natural gas production in its onshore shale operations following the recent rise in domestic gas prices, CEO Murray Auchincloss said on Tuesday. "With rising gas prices, the time has come for the Haynesville" basin in eastern Texas, Auchincloss told the CERAWeek conference in Houston. Benchmark U.S. natural gas prices have more than doubled over the past year to around $4.4 per million British thermal units (mmBtu) as new liquefied natural gas (LNG) export terminals along the Gulf Coast ramped up. Last year, BP produced 434,000 barrels of oil equivalent per day in its onshore U.S. shale operations. Of that, 264,000 boepd was natural gas, mostly associated with crude oil output, according to full-year results. It operated two rigs in the Haynesville basin compared with four rigs in the oil-rich Permian and four more in the Eagle Ford basins. It has 5.5 billion cubic feet of natural gas reserves in the U.S. onshore shale basin. Last month, Auchincloss announced plans to slash investments in renewable energy and increase annual spending on oil and gas to $10 billion, a major strategy shift aimed at boosting earnings and investor confidence. BP now aims to grow oil and gas production to between 2.3 million and 2.5 million boepd in 2030, after scrapping a previous goal to reduce output during the decade. The U.S. will play a central role in the renewed focus on oil and gas, along with the Middle East, Auchincloss said. Last year, BP gave the green light for the development of the Kaskida oilfield in the Gulf of Mexico, which lies in a highly complex geological structure called the Paleogene. BP plans to go ahead with a second Paleogene development, Tiber, later this year, Auchincloss said. "We have a fabulous position here in the Gulf of America. In the Paleogene we have 10 billion barrels (of oil and gas resource) in place," he said. BP plans to explore for further resource in the basin, he said. "We think this is the next wave of development in the Paleogene in the Gulf of America." Sign in to access your portfolio
