Fossil Energy – Oil Discovery
Two oil majors, bp and its partner Chevron, have made an oil discovery at the Far South field in the U.S. Gulf of Mexico, according to Reuters.
The exploration well was drilled in Green Canyon Block 584 about 120 miles (193.12 km) off the coast of Louisiana. Both the initial well and a sidetrack encountered oil. Preliminary data indicates a potentially commercial volume of oil and gas, the company said in a statement.
It also said it plans to increase output in the Gulf of Mexico to 400,000 barrels of oil equivalent per day by 2030. It expects global production to reach 2.3 million to 2.5 million boepd by the end of the decade, with potential to grow through 2035.
BP is the operator of Far South with a 57.5% interest, while partner Chevron holds 42.5%.
