BP Greenlights $5B Tiber-Guadalupe Oil Project in US Gulf

bp (NYSE: BP) has reached a final investment decision on the Tiber-Guadalupe project, a new 100%-owned deepwater oil hub in the US Gulf of America. The $5 billion development will feature a floating production platform with capacity for 80,000 barrels of oil per day, drawing from six wells in the Tiber field and two tiebacks from Guadalupe. Production is targeted to begin in 2030.
The project underscores the growing importance of the Gulf of America within bp’s upstream portfolio. Tiber-Guadalupe will be bp’s seventh operated hub in the region and is designed with more than 85% of the engineering borrowed from the Kaskida platform, which is already under construction and slated to start up in 2029. By leveraging standardized designs and subsea equipment, bp expects the Tiber project’s development costs to come in around $3 per barrel lower than Kaskida.
Together, Tiber-Guadalupe and Kaskida represent bp’s centerpiece investments in the Gulf’s Paleogene formation, a frontier play estimated to hold vast deepwater resources. Initial recoverable reserves from Tiber and Guadalupe are estimated at 350 million barrels of oil equivalent, with potential for further drilling phases. bp estimates that these two projects alone will unlock a portion of the 10 billion barrels of discovered resources across its Gulf Paleogene assets.
bp produced 341,000 barrels of oil equivalent per day from the Gulf in 2024. With its five existing platforms — Argos, Atlantis, Mad Dog, Na Kika, and Thunder Horse — plus future output from Kaskida and Tiber-Guadalupe, the company expects to boost offshore capacity to over 400,000 barrels of oil equivalent per day by 2030. This growth is part of a wider push to raise its total US production, onshore and offshore, to more than 1 million barrels per day by the end of the decade.
The development also highlights bp’s commitment to high-pressure drilling technology. The project will use industry-proven equipment capable of safely managing reservoir pressures of up to 20,000 pounds per square inch (20K) — a technical requirement for unlocking the Paleogene’s ultra-deep resources.
According to bp executives, Tiber-Guadalupe is one of eight to ten major global start-ups the company plans to bring online between 2028 and 2030, in line with its disciplined financial framework and strategy to grow upstream cash flow. Alongside the Argos Southwest Extension and upcoming expansions at Atlantis, the new build projects reinforce bp’s role as a major player in the US Gulf deepwater sector.
“This investment demonstrates our commitment to the Gulf of America, one of the world’s premier offshore basins,” said Andy Krieger, bp’s senior vice president for Gulf of America and Canada. “Together with Kaskida, the Tiber-Guadalupe project will ensure secure, reliable energy supply while delivering long-term value for bp.”
By Charles Kennedy for Oilprice.com
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