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BP announced on Tuesday that it had approved the development of the sixth operated hub, Kaskida, in the US Gulf of Mexico, with oil production expected to commence in 2029.
The new hub will feature a floating production platform with a capacity to produce 80,000 barrels of crude oil per day from six wells in the first phase.
BP discovered the Kaskida field in 2006 and has revived plans to develop it, leveraging its existing platform and subsea equipment designs to drive cost efficiencies.
BP's US Gulf of Mexico output averaged 300,000 barrels of oil and gas per day in 2023, and the company is targeting 400,000 barrels per day by 2030.
Additionally, BP is considering a 2025 financial greenlight decision for its Tiber offshore oil project in the US Gulf of Mexico.
Kaskida, Tiber, and nearby discoveries are estimated to have 10 billion barrels of discovered resources in place. Separately, BP reported a second-quarter profit of $2.76 billion, beating expectations, and increased its dividend.
