BP to invest in new floating production platform in the Gulf of Mexico

BP announced plans to invest in the Kaskida project, a new floating production platform located in the U.S. Gulf of Mexico.

Kaskida will be BP’s sixth hub in the Gulf of Mexico. The floating production platform will have the capacity to produce 80,000 barrels of crude oil per day from six wells in the first phase. Production is expected to start in 2029.

“Developing Kaskida will unlock the potential of the Paleogene in the Gulf of Mexico for bp, building on our decades of experience in the region,” Gordon Birrell, BP’s executive vice president of production and operations, said. “Technology has and will continue to play a pivotal role in propelling Kaskida from discovery to production. Together with the other resources we have in the Paleogene, we expect it to prove to be a world-class development. Today is a critical step in realizing its potential.”

The Kaskida field, owned 100 percent by BP, has recoverable resources currently estimated at around 275 million barrels of oil equivalent from the initial phase. Additional wells could be drilled in future phases, subject to further evaluation.

The Kaskida project is located in the Keathley Canyon area about 250 miles southwest off the coast of New Orleans. It unlocks the potential future development of 10 billion barrels of discovered resources in place across the Kaskida and Tiber catchment areas.

BP intends to replicate its existing platform and subsea equipment designs to drive cost efficiencies across Kaskida’s construction.

“By employing an industry-led design solution, Kaskida will be simpler to construct and simpler to operate, enhancing safety and delivering greater value for bp,” Andy Krieger, BP’s senior vice president, Gulf of Mexico and Canada, said.

Kaskida will be BPs first development in the Gulf of Mexico to produce from reservoirs that will require well equipment with a pressure rating of up to 20,000 pounds per square inch (20K). Advancements in 20K drilling technology coupled with updated seismic imaging are enabling bp to safely develop Kaskida and to progress plans to develop other fields such as Tiber, which is expected to advance to a final investment decision next year.

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