bp announces Far South oil discovery in deepwater Gulf of Mexico

bp has reported a new oil discovery at its Far South prospect in the deepwater US Gulf of Mexico. 

bp says that it drilled the exploration well in Green Canyon Block 584, located in the western Green Canyon area, approximately 120 miles off the coast of Louisiana in 4,092 ft of water. The well was drilled to a total depth of 23,830 ft. 

The Far South field is located 4 miles north of the Constellation field in the deepwater Gulf. The Far South co-owners are bp (operator, 57.5%) and Chevron U.S.A. Inc. (42.5%).

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

bp says the discovery “in the deepwater Gulf of America” underscores how it is stepping up investment in exploration and strengthening 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.”