houston – International operating company bp has announced plans to invest a total of $7 billion in E&P activities in the Gulf of Mexico by 2025, compared with $10 billion invested over the past five years.
Investments will average $2.3 billion annually in the Gulf of Mexico in 2023-25, up from $2 billion annually seen in the last five years.
The company will increase production in the Gulf of Mexico from about 290,000 boe/day in 2021 to about 400,000 boe/day by the mid-2020s, as noted in the US Impact Report: Investing in America. said it aims to It also said it expects to reduce emissions in the region by 20% by 2030.
In the Gulf, bp has four deepwater production platforms, with a fifth, Argos, set to begin first production later this year as part of the company’s Mad Dog 2 project. The 2023 production date represents a delay from the original first production plan last year.
Several new projects are underway, including a $1.3 billion expansion at Atlantis Field in the Gulf of Mexico, a $9 billion Mad Dogs 2 development, and a massive expansion at Thunder Horse Field.