bp has reached a final investment decision on the $5 billion Tiber-Guadalupe development, advancing its second new production hub in the U.S. Gulf of America/Gulf of Mexico in less than two years. The project highlights the company’s continued commitment to the region, which remains central to its upstream growth strategy.
“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.
The 100% bp-owned hub will consist of a new floating production platform with a designed capacity of 80,000 bpd. Initial development includes six wells at the Tiber field and a two-well tieback from the Guadalupe field. First oil is expected in 2030.
Tiber-Guadalupe will be bp’s seventh operated oil and gas production hub in the U.S. Gulf. The company estimates recoverable resources of around 350 MMboe from the project’s first phase, with additional wells under evaluation for future expansion. Together with the Kaskida development—also fully bp-owned—the project is expected to unlock a portion of the estimated 10 Bbbl of discovered Paleogene resources in the Gulf.
According to bp, design efficiencies are expected to reduce development costs by roughly $3/bbl compared with Kaskida, aided by reuse of more than 85% of existing platform and subsea designs. The project fits within the company’s disciplined financial framework and is among 8–10 major upstream projects slated to begin production between 2028 and 2030.
With Tiber-Guadalupe and Kaskida, bp anticipates producing more than 400,000 boed from its Gulf of America/Gulf of Mexico portfolio by the end of the decade, contributing to its goal of lifting total U.S. output—onshore and offshore—to more than 1 MMboe/d.
“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.”
