BP announced on Monday the discovery of oil “approximately 120 miles off the coast of Louisiana.”

“bp today announced an oil discovery at the Far South prospect in the deepwater U.S. Gulf of America,” the company stated.

“bp drilled the exploration well in Green Canyon Block 584, located in western Green Canyon approximately 120 miles off the coast of Louisiana in 4,092 feet of water. The well was drilled to a total depth of 23,830 feet. The Far South co-owners are bp (operator, 57.5%) and Chevron U.S.A. Inc. (42.5%),” it continued.

JUST IN – BP announces new oil discovery off U.S. Gulf coasthttps://t.co/1Ha7DxhCMW

— Insider Paper (@TheInsiderPaper) April 14, 2025

Cont. from BP:

Both the initial well and a subsequent sidetrack encountered oil in high-quality Miocene reservoirs. Preliminary data supports a potentially commercial volume of hydrocarbons.

This discovery in the deepwater Gulf of America underscores how bp is in action to step up investment in exploration and strengthen its upstream portfolio under the strategy reset announced in February 2025.

Andy Krieger, Senior Vice President, Gulf of America and Canada, 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.”

bp expects to grow its global upstream production to 2.3 – 2.5 million barrels of oil equivalent in 2030, with the capacity to increase production out to 2035. Around 1 million barrels of oil equivalent per day are expected to be delivered from the U.S. onshore and offshore regions by 2030.

🚨New: BP has announced a major oil discovery off of the Gulf of America pic.twitter.com/LTP3l0IciA

— The Calvin Coolidge Project (@TheCalvinCooli1) April 14, 2025

BP strikes oil at its Far South prospect in the deepwater Gulf of America, 120 miles off the Louisiana coast.

Drilled to 23,830 ft, the well hit high-quality Miocene reservoirs.

More exploration coming. #oilandgas #BP #GulfOfMexicohttps://t.co/TrsjwAHDPZ

— Hart Energy (@hartenergy) April 14, 2025

From the Oil & Gas Journal:

The Gulf of Mexico is ‘central’ to the company’s strategy as it plans to build its capacity to over 400,000 boe/d by the end of the decade, said Andy Krieger, bp’s senior vice-president, Gulf of America and Canada.

bp expects to grow its global upstream production to 2.3–2.5 MMboe in 2030, with the capacity to increase production out to 2035. Around 1 MMboe/d are expected to be delivered from the US onshore and offshore regions by 2030, the company said.

As part of the effort, the operator is increasing its exploration program with about 40 wells planned over the next 3 years, with 10-15 wells to be drilled in 2025.