Azernews.Az

by Alimat Aliyeva

British oil and gas giant bp plc announced on Monday that it has approved the Tiber-Guadalupe deepwater project in the Gulf of Mexico—a region the company now refers to as the "Gulf of America", following a renaming by the U.S. government in May. This project, combined with the earlier Kaskida development, brings BP’s total investment in the region to approximately $10 billion, Azernews reports, citing foreign media.

“Tiber-Guadalupe represents a significant step forward in our efforts to unlock the potential of the Paleogene in the Gulf of America, building on decades of bp’s experience in the region,” said Gordon Birrell, BP’s Executive Vice President for Production and Operations. “Together with our Kaskida project in the Paleogene, we expect Tiber-Guadalupe to become another world-class development,” he added.

The Tiber-Guadalupe project, with an estimated cost of $5 billion, will become bp’s seventh production hub in the Gulf of Mexico. Once operational, all seven facilities are expected to help bp boost its offshore output capacity to over 400,000 barrels of oil equivalent per day by 2030.

Both Tiber-Guadalupe and Kaskida target the Paleogene play, a deeply buried geological formation that holds some of the most technically challenging but resource-rich oil reserves in the region. These developments mark BP's increasing focus on high-margin, lower-emission barrels, as the company tries to balance its traditional oil operations with its broader energy transition strategy.

The "Gulf of America" renaming by the U.S. government, though largely symbolic, is seen by analysts as part of a strategic branding shift to emphasize American offshore energy dominance and to attract further investment in domestic energy infrastructure.

With this latest approval, bp is signaling a strong commitment to U.S. energy production, even as it invests in renewables and low-carbon technologies globally.