bp eyes 2025 oil production date from Tiber offshore project in U.S. Gulf of Mexico

(WO) – At the 2024 Offshore Technology Conference, held this week in Houston, Texas, an executive from bp announced a potential start date for its Tiber offshore oil project in he U.S. Gulf of Mexico, according to Reuters.

According to  Andy Krieger, BP's Senior Vice President of its Gulf of Mexico and Canada operations, bp is weighing a decision to proceed with its Tiber offshore oil project in the U.S. Gulf of Mexico by 2025, aiming to increase its production to 400,000 boed by 2030, up from 300,000 boed in 2023.

The Tiber project, discovered in 2009, is part of bp's strategy to expand its capacity in the region. The company also plans to make a final investment decision on the offshore Kaskida project, located nearby, this year.

bp views the Gulf of Mexico as a crucial and environmentally strategic investment due to its low carbon intensity compared to other regions globally. Despite missing earnings forecasts in the first quarter, bp remains committed to its $1.75 billion share repurchase program.

This story was originally reported by Reuters.