bp approves Tiber-Guadalupe project in the US Gulf of America

BP has made a final investment decision on the Tiber-Guadalupe project in the Gulf of Mexico, marking its second new production platform in under two years in this key US offshore region and highlighting the strategic importance of the Gulf to its global operations.

“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.”

- Andy Krieger, bp’s senior vice president, Gulf of America and Canada.

Fully owned by BP, the Tiber-Guadalupe project will become the company’s seventh operated oil and gas production hub in the Gulf of Mexico. It will feature a new floating production platform capable of producing 80,000 barrels of crude oil per day. The development includes six wells in the Tiber field, along with a two-well tieback from the Guadalupe field, with production anticipated to begin in 2030.

“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 Andy Krieger, bp’s senior vice president, Gulf of America and Canada. “Along with its sister project Kaskida, Tiber-Guadalupe will play a critical role in bp’s focus on delivering secure and reliable energy the world needs today and tomorrow.”

The Tiber and Guadalupe fields are estimated to hold recoverable resources of approximately 350 million barrels of oil equivalent in the initial phase, with the potential for additional wells in future phases pending further evaluation.

The $5 billion Tiber-Guadalupe project fits fully within BP’s disciplined financial framework. It is one of 8–10 major projects slated to come online globally between 2028 and 2030, reflecting BP’s strategy to grow its upstream business and enhance long-term shareholder value. Alongside its 100% BP-owned Kaskida project, BP plans to invest around $10 billion to develop its Gulf of Mexico Paleogene projects.

Tiber-Guadalupe and Kaskida form the centerpiece of BP’s new-build deepwater projects in the Gulf of Mexico. Together with BP’s five existing operating platforms in the region, they are expected to help the company achieve production capacity of over 400,000 barrels of oil equivalent per day from US offshore operations by 2030. BP aims to raise total US production—including both offshore and onshore—to more than 1 million barrels of oil equivalent per day by 2030.

BP is leveraging existing platform and subsea equipment designs to achieve cost efficiencies across the Tiber-Guadalupe hub’s construction, commissioning, and operations. Development costs for Tiber are expected to be approximately $3 per barrel lower than for the Kaskida project, benefiting from synergies by reusing over 85% of Kaskida’s design.

“Tiber-Guadalupe represents a significant step forward in our efforts to unlock the potential of the Paleogene in the Gulf of America, building on our decades of experience in the region,” said Gordon Birrell, bp’s executive vice president of production and operations. “Together with our Kaskida project in the Paleogene, we expect Tiber-Guadalupe will be another world-class development.”