British energy company BP has given the green light to its sixth oilfield, Kaskida, in the Gulf of Mexico, in the United States, with oil production set to begin in 2029.
The new facility will feature a floating production platform capable of producing 80,000 barrels of crude oil a day from six wells in the first phase, according to BP.
The London-listed company discovered the Kaskida deposit in 2006 and last year revived plans to exploit it.
The group said it plans to leverage its existing platform and subsea equipment designs that can be replicated in future projects to drive cost efficiencies in the construction, commissioning and operations of Kaskida.
BP’s U.S. Gulf of Mexico production is expected to average 300,000 barrels of oil and gas per day (bpd) by 2023; last year the company said it aimed to reach 400,000 bpd by 2030.
BP is also considering giving the green light in 2025 to its Tiber offshore oil project in the Gulf of Mexico.
It also announced the development of a green hydrogen facility at its refinery in Castellón, Spain.
It also said it is preparing to make a final investment decision on a 100-megawatt (MW) green hydrogen project in Germany by the end of the year.
Both projects could create sustainable aviation fuel (SAF) and green hydrogen for customers, while helping BP decarbonise, BP said.
The announcements come after the company posted a second-quarter profit of $2.76 billion, beating expectations.
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– 2024-08-03 13:01:23
