London, 30 September 2025 — UK energy major BP (NYSE:BP) has approved a $5 billion investment in its Tiber-Guadalupe project in the US Gulf of Mexico, marking a significant expansion of its deepwater portfolio.
The project, fully owned by BP, will establish a new floating production platform — the company’s seventh in the Gulf — with an expected capacity of 80,000 barrels of oil per day. Production is scheduled to begin in 2030.
The development will draw from six wells in the Tiber field and a two-well tieback from the Guadalupe field. Initial estimates suggest around 350 million barrels of oil equivalent could be recovered in the first phase, with potential for further expansion in later stages.
BP said the project leverages more than 85% of the design from its Kaskida platform, currently under construction, allowing for cost efficiencies and faster deployment. Together, Tiber-Guadalupe and Kaskida are expected to boost BP’s Gulf of Mexico output to over 400,000 barrels of oil equivalent per day by the end of the decade.
“This decision underscores our commitment to the Gulf of Mexico as one of the world’s premier energy basins,” said Andy Krieger, BP’s senior vice president for Gulf of America and Canada. “Along with Kaskida, Tiber-Guadalupe will play a critical role in delivering secure and reliable energy.”
The move reflects BP’s strategic pivot back toward oil and gas production after scaling back some renewable investments, as the company seeks to balance energy transition goals with shareholder returns.
BP North Sea Headquarters Picture by Bill Harrison
