BP and Chevron’s drilling ops yield black gold in Gulf of America

Two oil majors, UK-based energy heavyweight BP and its partner, U.S.-headquartered Chevron, have found more oil in the Gulf of America, formerly the U.S. Gulf of Mexico.

BP made its latest oil discovery at the Far South prospect in the deepwater U.S. Gulf of America, where an exploration well was drilled in western Green Canyon Block 584. Situated 4 miles (6.44 kilometers) north of the Constellation field in the Gulf of America, the Far South field is located approximately 120 miles (193.12 kilometers) off the coast of Louisiana in 4,092 feet (around 1,247 meters) of water.

The co-owners of the Far South well, drilled to a total depth of 23,830 feet (about 7,263 m), are BP (operator, 57.5%) and Chevron (42.5%). The European oil major claims that both the initial well and a subsequent sidetrack encountered oil in high-quality Miocene reservoirs, with the preliminary data supporting a potentially commercial volume of hydrocarbons.

Moreover, the UK-based giant explains that this discovery underscores the action the firm is taking to step up investment in exploration and strengthen its upstream portfolio under the strategy reset announced in February 2025.

The company 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 up to 2035. BP anticipates the delivery of around 1 million barrels of oil equivalent per day from the U.S. onshore and offshore regions by 2030.

Andy Krieger, BP’s Senior Vice President of Gulf of America and Canada, commented: “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.”

While BP has made over 40 discoveries in the last decade, including recent successes in Trinidad, Egypt, and the Gulf of America, the firm is ramping up its exploration program, with around 40 wells planned over the next three years, with 10-15 of those to be drilled in 2025.

Shortly after BP brought online a gas project offshore Trinidad, the U.S. government’s Office of Foreign Assets Control (OFAC) revoked two special licenses, including one operated by the firm, for cross-border gas fields between Venezuela and Trinidad and Tobago.