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Both the initial well and a subsequent sidetrack encountered oil in high-quality Miocene reservoirs. This discovery in the deepwater Gulf of America/Gulf of Mexico 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.
Both the initial well and a subsequent sidetrack encountered oil in high-quality Miocene reservoirs. Globally, bp expects to grow its upstream production between 2.32.5 Preliminary data supports a potentially commercial volume of hydrocarbons. “Our Gulf of America business is central to bps strategy.
The discovery comes amid BP's broader pivot away from rapid renewables expansion toward reinforcing its upstream oil and gas portfolio to meet investor expectations and improve financial performance. The initial well and a sidetrack successfully encountered oil in high-quality Miocene-age reservoirs. BP is also targeting 2.32.5
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