BP Finalizes $5B Tiber-Guadalupe FID

BP approved a final investment decision for the $5 billion Tiber-Guadalupe offshore project in the U.S. Gulf of Mexico, targeting first production in 2030. The floating platform is expected to produce about 80,000 barrels per day from the Tiber and Guadalupe fields, which BP estimates contain roughly 350 million barrels of recoverable oil equivalent. The design will reuse about 85% of the nearby Kaskida platform, cutting development costs by roughly $3 per barrel, and will employ ultra-high-pressure technology. CEO Murray Auchincloss said the approval supports BP’s refocus on oil and gas and contributes to a push to lift Gulf production to at least 400,000 boe/d by 2030 (up from 341,000 boe/d last year). The decision followed BP’s updated Energy Outlook and drew modest market reaction amid broader supply and geopolitical concerns.