Operating company bp to step up GoM investment to $2.3 billion per year

Jan. 10, 2023
Expects to increase production in the Gulf to around 400,000 boe/day by 2025.

Offshore staff

HOUSTON – International operating company bp has announced plans to invest a total of $7 billion into E&P activities in the Gulf of Mexico by 2025, compared to $10 billion in investment over the past five years.

The investment figure amounts to an annual average of $2.3 billion in the Gulf of Mexico in the 2023-25 period, up from the $2 billion annual investment seen over the past five years.  

As laid out in its “US Impact Report: Investing in America,” the company said that it aims to increase production in the Gulf of Mexico from about 290,000 boe/day in 2021 to around 400,000 boe/day by the mid-2020s. It also said that it expects to cut emissions by 20% in the region by 2030.

In the Gulf, bp has four deepwater production platforms, with a fifth, Argos, set to launch first production later this year as part of the company’s Mad Dog 2 project. The 2023 production date represents a delay from original first production plans last year. 

Several new projects are underway, including a $1.3-billion expansion at the Atlantis field in the Gulf of Mexico, the $9-billion Mad Dog 2 development, and a major expansion at the Thunder Horse field. 


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