BP and Chevron Strike Oil in the Gulf of America

Two oil majors, UK-based energy heavyweight BP and its partner, U.S.-headquartered Chevron, have made a significant oil discovery in the Gulf of America, formerly known as the U.S. Gulf of Mexico.

BP’s latest oil find is at the Far South prospect in the deepwater U.S. Gulf of America. The exploration well was drilled in western Green Canyon Block 584, located 4 miles north of the Constellation field. The Far South field is situated approximately 120 miles off the coast of Louisiana in 4,092 feet of water.

The Far South well, drilled to a total depth of 23,830 feet, is co-owned by BP (57.5% operator) and Chevron (42.5%). Both the initial well and a subsequent sidetrack encountered oil in high-quality Miocene reservoirs, with the preliminary data indicating a potentially commercial volume of hydrocarbons.

This discovery aligns with BP’s strategy to increase investment in exploration and strengthen its upstream portfolio, as announced in February 2025. The company aims to grow its global upstream production to 2.3 – 2.5 million barrels of oil equivalent by 2030, with the capacity to increase production further by 2035. BP anticipates delivering around 1 million barrels of oil equivalent per day from the U.S. onshore and offshore regions by 2030.

Andy Krieger’s Perspective

Andy Krieger, BP’s Senior Vice President of Gulf of America and Canada, stated, “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 has made over 40 discoveries in the last decade, including successes in Trinidad, Egypt, and the Gulf of America. The company plans to ramp up its exploration program, with around 40 wells scheduled over the next three years, including 10-15 to be drilled in 2025.

Following the successful launch of a gas project offshore Trinidad, BP faced challenges when the U.S. government’s Office of Foreign Assets Control (OFAC) revoked two special licenses related to cross-border gas fields between Venezuela and Trinidad and Tobago, including one operated by BP.