On Monday, BP announced a new oil discovery in the Far South field, located in the U.S. Gulf of Mexico. The exploration well, drilled in Green Canyon Block 584, approximately 120 miles off Louisiana’s coast, confirmed the presence of oil. A sidetrack well further verified the find, with initial assessments suggesting a commercially viable volume of oil and gas, according to the company’s statement.

The Far South discovery aligns with BP’s ongoing operations in the region, where it holds a 57.5% stake as the operator, while Chevron owns the remaining 42.5%. The company aims to expand its output in the Gulf of Mexico, targeting 400,000 barrels of oil equivalent per day by 2030. Globally, BP projects its production to range between 2.3 million and 2.5 million barrels per day by the decade’s end.

BP has also outlined plans for further exploration in the Gulf. Last month, CEO Murray Auchincloss shared details during a conference, stating: “We’re moving forward with Kaskida, a significant project in the Paleogene’s complex geology, and we plan to advance Tiber, another Paleogene development, later this year.” These efforts reflect BP’s focus on strengthening its operations in the region.

This discovery follows BP’s strategic update in February, when it adjusted its investment priorities to enhance performance. The company scaled back plans for renewable energy to concentrate on oil and gas production, aiming to meet global energy demands while maintaining operational efficiency. The Far South find marks a step toward achieving those objectives in a key production area.