BP has reached a Final Investment Decision (FID) on the $5 billion, 100% owned Tiber-Guadalupe project in the US Gulf of America, approving its seventh operated production hub in the region.
BP has signaled a powerful commitment to the United States’ offshore energy sector, announcing a Final Investment Decision (FID) on the significant Tiber-Guadalupe deepwater oil project in the Gulf of America. The fully 100% bp-owned project marks the company’s second new production platform approval in less than two years in this critical region, firmly underscoring the US Gulf's central role in its global strategy.
The project will establish bp’s seventh operated oil and gas production hub in the Gulf of America. It features a new floating production platform—the Tiber platform—designed to deliver a capacity of 80,000 barrels of crude oil per day. Production is targeted to begin in 2030. The initial phase of the development will include six wells in the Tiber field and a two-well tieback from the Guadalupe field, with the two fields holding estimated recoverable resources of around 350 million barrels of oil equivalent.
Andy Krieger, bp’s senior vice president for the Gulf of America and Canada, emphasized the strategic importance of the decision. “Our decision to move forward on the Tiber-Guadalupe project is a testament to our commitment to continue investing in the Gulf of America and expand our energy production from one of the premier basins in the world,” said Krieger. He added that the project, alongside its sister development, Kaskida, will play a “critical role in bp’s focus on delivering secure and reliable energy the world needs today and tomorrow.”
A key component of the project's success is its focus on efficiency and standardization. The Tiber platform design is based more than 85% on the blueprint used for bp’s Kaskida project, leveraging simplified, standardized, and cost-efficient design principles. This replication and synergy are anticipated to yield significant cost savings, with Tiber’s development costs projected to be around $3 per barrel lower than the Kaskida project.
Together, the 100% bp-owned Tiber-Guadalupe and Kaskida represent the centerpieces of bp’s new deepwater construction pipeline in the Gulf, forming a substantial component of the company's $10 billion investment in its Gulf of America Paleogene assets. The success of these projects is expected to unlock approximately 10 billion barrels of discovered resources in place across bp’s Paleogene portfolio in the region.
This regional growth is part of bp’s broader ambition to increase its total offshore and onshore production in the United States to over 1 million barrels of oil equivalent per day by the close of the decade.
