BP Makes FID on sixth GOM Undertaking

BP plc has made a closing funding resolution (FID) on the Kaskida undertaking within the U.S. Gulf of Mexico (GOM).

Kaskida, which would be the oil large’s sixth hub within the Gulf of Mexico, can have a brand new floating manufacturing platform with the capability to provide 80,000 barrels of crude oil per day from six wells in its first section. Manufacturing is predicted to begin in 2029, BP mentioned in a information launch.

BP’s 100-percent-owned Kaskida area has found recoverable assets at the moment estimated at round 275 million barrels of oil equal from the preliminary section. Extra wells might be drilled in future phases, topic to additional analysis. Positioned within the Keathley Canyon space about 250 miles southwest off the coast of New Orleans, the Kaskida undertaking unlocks the potential future improvement of 10 billion barrels of found assets in place throughout the Kaskida and Tiber catchment areas, in line with the discharge.

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BP famous that Kaskida is in “a main location,” with a secure fiscal regime and entry to the market. The undertaking will probably be its first improvement within the GOM to provide from reservoirs that can require nicely tools with a stress ranking of as much as 20,000 kilos per sq. inch (20K). Developments in 20K drilling know-how, coupled with up to date seismic imaging, allow the corporate to soundly develop the sector and to progress plans to develop different fields resembling Tiber, which is predicted to advance to a closing funding resolution subsequent 12 months, it mentioned.

“Creating Kaskida will unlock the potential of the Paleogene within the Gulf of Mexico for BP, constructing on our a long time of expertise within the area,” Gordon Birrell, BP Government Vice President of Manufacturing and Operations, mentioned.

“Know-how has and can proceed to play a pivotal function in propelling Kaskida from discovery to manufacturing. Along with the opposite assets we’ve got within the Paleogene, we count on it to show to be a world-class improvement. At present is a important step in realizing its potential,” Birrell added.

BP mentioned it plans to leverage present platform and subsea tools designs that may be replicated in future tasks to drive value efficiencies throughout Kaskida’s development, commissioning and operations.

“By using an industry-led design answer, Kaskida will probably be easier to assemble and easier to function, enhancing security and delivering higher worth for BP,” Andy Krieger, BP Senior Vice President for the Gulf of Mexico and Canada, mentioned.

BP found the Kaskida area in 2006. The corporate operates 5 platforms within the Gulf of Mexico: Argos, Atlantis, Mad Canine, Na Kika and Thunder Horse. It produced roughly 300,000 barrels of oil equal per day from the GOM final 12 months.

Kaskida, Tiber and close by discoveries mixed have an estimated 10 billion barrels of found assets in place, in line with the discharge.

BP posted a secure revenue for the second quarter because it maintained the tempo of its share buybacks and elevated its dividend. The corporate’s adjusted internet revenue for the second quarter was $2.76 billion, beating the common analyst estimate of $2.69 billion, in line with an earlier report. 

To contact the writer, electronic mail rocky.teodoro@rigzone.com