bp has reached a final investment decision on the Tiber-Guadalupe project in the Gulf of America, approving its second new production platform in less than two years in the critical US offshore region and further underscoring the significance of the US Gulf to its global strategy.
The 100% bp-owned Tiber-Guadalupe will be bp’s seventh operated oil and gas production hub in the Gulf of America, featuring a new floating production platform with the capacity to produce 80,000 barrels of crude oil per day. The project includes six wells in the Tiber field and a two-well tieback from the Guadalupe field. Production is expected to start in 2030.
“Our decision to move forward on the Tiber-Guadalupe project is a testament to our commitment to continue investing in the Gulf of America and expand our energy production from one of the premier basins in the world,” said Andy Krieger, bp’s senior vice president, Gulf of America and Canada. “Along with its sister project Kaskida, Tiber-Guadalupe will play a critical role in bp’s focus on delivering secure and reliable energy the world needs today and tomorrow.”
Tiber and Guadalupe fields are estimated to have recoverable resources of around 350 million barrels of oil equivalent from the initial phase. Additional wells could be drilled in future phases, subject to further evaluation.
The estimated $5 billion Tiber-Guadalupe project is fully accommodated within bp’s disciplined financial framework. It is one of the 8-10 major projects expected to start up globally between 2028 and 2030 and reflects bp’s strategy to grow its upstream business and long-term shareholder value. Together with its 100% bp-owned Kaskida project, bp expects to invest around $10 billion to deliver its Gulf of America Paleogene projects.
Tiber-Guadalupe and Kaskida are centerpieces of bp’s new build projects in the deepwater Gulf of America. Along with the five existing operating platforms in the Gulf, they will help enable bp to boost its capacity to produce more than 400,000 barrels of oil equivalent per day from the US offshore region by 2030. bp aims to increase its offshore and onshore production in the United States to more than 1 million barrels of oil equivalent per day by 2030.
bp is leveraging existing platform and subsea equipment designs to drive cost efficiencies across the Tiber-Guadalupe production hub’s construction, commissioning and operations. Tiber project development costs are anticipated to be around $3 per barrel lower than the Kaskida project, including synergies from using more than 85% of the design from bp’s Kaskida project.
“Tiber-Guadalupe represents a significant step forward in our efforts to unlock the potential of the Paleogene in the Gulf of America, building on our decades of experience in the region,” said Gordon Birrell, bp’s executive vice president of production and operations. “Together with our Kaskida project in the Paleogene, we expect Tiber-Guadalupe will be another world-class development.”