bp’s Gulf of America investments can strengthen America's energy future – today and tomorrow

By Andy Krieger, bp senior vice president, Gulf of America and Canada

The Gulf of America has been a major oil-producing region and vital contributor to US energy security for many decades, and there are no signs of it stopping.

In fact, US Gulf production is expected to grow to more than 2 million barrels a day by 2026, about 40% higher than where it was at the start of this decade, according to energy research firm Wood Mackenzie.

bp is proud to be one of the largest investors and producers in the deepwater US Gulf of America, where we have operated for more than 30 years.

And we have big plans to grow our production and footprint in this critical region.

As part of bp’s strategy, we’re building capacity to safely produce more than 400,000 barrels of oil equivalent per day by the end of this decade – part of a larger plan to produce 1 million barrels of oil equivalent per day in the US by 2030.

How will we do this?

Today, it’s about maximizing production from our five existing offshore operated production platforms. We are planning three major expansion projects at these facilities between now and the end of 2027. The first, Argos Southwest Extension, came online in August and is increasing production at our Argos platform, while the other two, both at our Atlantis platform, are in progress. We are also investing in new technologies, including artificial intelligence (AI) tools, to help us recover more oil from reservoirs that would not have been possible even just a few years ago.

Tomorrow, it’s about bringing online new deepwater projects and investing in continued exploration for new prospects that will further grow US energy supplies.

In 2024, we announced plans to invest in a sixth platform, Kaskida, that we’ll operate in the region. That development is expected to produce up to 80,000 barrels per day, with an anticipated start-up in 2029.

Before the end of this year, we hope to announce plans for developing another major project: our seventh floating platform, which would produce oil from the Tiber and Guadalupe fields.

We’ve also recently discovered oil at our Far South prospect, and we are actively pursuing other exploration opportunities.

I’ve been in this business for more than 30 years, and I continue to marvel at the work our people do every day to produce the oil and gas that fuels our American economy and way of life. More than 1,300 employees at the company directly support the region.

So much of their story – and that of the Gulf – is about innovation and technology. Whether it’s making a discovery six miles below the water’s surface, analyzing vast amounts of seismic data with the help of a supercomputer, or using drones to inspect equipment in the middle of the Gulf, the offshore oil and gas industry of today rivals space exploration in its complexity and sophistication.

The offshore industry of tomorrow, which bp is helping to lead, is just as awe-inspiring. We have AI tools helping us plan maintenance jobs remotely with cloud-based virtual models of our platforms, and we use machine learning to help detect and predict issues with offshore production equipment.

Recent passage of the federal tax bill will help ensure that the US offshore industry continues to play a significant role in growing American energy production and for continued investment in America.

bp commends Congress and the Administration for advancing the bill to final passage, providing more certainty and stability for offshore leasing, which is crucial to the future of US energy supply. We’ll continue to work with the administration to support the delivery of American energy.

The Gulf of America has been a cornerstone of US energy production for many years, and it remains a critical part of bp’s global strategy, both today and tomorrow. As we continue to innovate and invest in this region, we remain committed to enhancing energy security, driving technological advancements and contributing to the US economy.