BP announced an oil discovery at the Far South prospect in the deepwater U.S. Gulf of America this week. “BP drilled the exploration well in Green Canyon Block 584, located in western Green Canyon approximately 120 miles off the coast of Louisiana in 4,092 feet of water. The well was drilled to a total depth of 23,830 feet,” according to the release from BP.

BP co-owns the Far South prospect with Chevron (57.5% and 42.5% ownership, respectively), according to the Wall Street Journal.

The company said that both the initial well and a subsequent sidetrack encountered oil in high-quality Miocene reservoirs. Preliminary data supports a potentially commercial volume of hydrocarbons.

“This Far South discovery demonstrates that the Gulf of America remains an area of incredible growth and opportunity for BP. Our Gulf of America business is central to BP’s strategy. We are focused on delivering more affordable and reliable energy from this region, building our capacity to over 400,000 barrels of oil equivalent per day by the end of the decade,” said Senior Vice President, Gulf of America and Canada, Andy Krieger.

The discovery “underscores how BP is in action to step up investment in exploration and strengthen its upstream portfolio under the strategy reset announced in February 2025,” BP said. Read more from BP’s most recent earnings report here.

BP reportedly expects to grow its global upstream production to 2.3 – 2.5 million barrels of oil equivalent in 2030, with the capacity to increase production out to 2035. Around 1 million barrels of oil equivalent per day are expected to be delivered from the U.S. onshore and offshore regions by 2030.