Invests $5 Billion to unlock Gulf of Mexico potential

British energy giant BP has decided to raise the stakes in U.S. waters with a $5 billion bet: the development of the Tiber-Guadalupe project, a deepwater initiative that reflects both ambition and a new direction according to Reuters. 

Announced this week, the project underscores a renewed focus on oil and gas, positioning the Gulf of Mexico as a cornerstone of BP’s strategy for the next decade.

A platform for growth

At the heart of the plan is a floating production platform designed to yield up to 80,000 barrels of crude oil per day once operations begin in 2030. 

Far from being just another offshore asset, Tiber-Guadalupe represents a shift back toward traditional hydrocarbons after years of experimenting with renewables. 

BP has been explicit about this pivot since early 2025: growth will once again be driven by fossil fuels.

Competing with the giants

By 2030, BP wants its U.S. upstream output to exceed 1 million barrels of oil equivalent per day—nearly half of its global target of 2.3–2.5 million barrels.  

The Gulf project, with an estimated 350 million barrels of recoverable resources, could provide the boost BP needs.

High-pressure innovation

The Tiber-Guadalupe platform won’t just be big; it will be bold. 

It is set to become BP’s second facility capable of handling ultra-high pressures of 20,000 psi, a technical frontier first reached by Chevron with its Anchor project. 

Achieving this standard requires advanced engineering, but it opens access to reserves once considered too challenging.

Efficiency lessons learned

One of the reasons this development excites investors is its efficiency. 

By reusing 85% of the design from the nearby Kaskida project, BP expects to cut costs by around $3 per barrel. 

Fewer surprises in construction mean better predictability in returns—a crucial advantage when billions are at stake.

A stronger foothold in the Gulf

BP currently produces about 341,000 barrels of oil equivalent per day in the Gulf of Mexico. 

The company’s target is at least 400,000 barrels by 2030, a number that Tiber-Guadalupe could make achievable. 

Beyond the statistics, though, the project signals that BP sees the Gulf not just as a mature basin, but as fertile ground for long-term growth.

Invests $5 Billion to unlock Gulf of Mexico potential

Other strategic investments: Slim and Pemex

While BP advances offshore in the U.S., Mexico is also witnessing large-scale commitments. Grupo Carso, owned by Carlos Slim, has signed an agreement with Pemex for up to $1.991 billion to drill wells in the Ixachi field in Veracruz. 

The contract covers as many as 32 wells over three years in what is considered Pemex’s most important onshore discovery in a quarter century.

Ixachi already produces more than 236,000 barrels of oil equivalent per day, and Carso’s subsidiaries bring nearly two decades of drilling and platform expertise, supported by a fleet of onshore and offshore rigs. 

The investment underlines Slim’s growing presence in the energy sector and Pemex’s strategy of leaning on private partners to unlock national resources.