BP PLC has given the green light for the Kaskida project in the US Gulf of Mexico, marking the company's ongoing commitment to investing in the high-margin basin. The new platform is expected to have a production capacity of 80,000 barrels of oil per day and will be BP's sixth hub in the Gulf of Mexico. The project is set to leverage a simplified, standardized, and cost-efficient design, with plans to replicate this approach in future projects. This strategic move unlocks the potential for the development of 10 billion barrels of discovered resources in place in the Gulf of Mexico Paleogene.

The final investment decision on the Kaskida project demonstrates BP's long-term commitment to delivering secure, affordable, and reliable energy. The new floating production platform will have the capacity to produce 80,000 barrels of crude oil per day from six wells in the first phase, with production expected to commence in 2029. This initiative aligns with BP's strategic growth plans and underscores its dedication to growing the value of the company.

For more details, you can read the full press release on BP's official website.