BP plans to drill an exploration well named Conifer in the Paleogene play of the US Gulf of Mexico later this year. This activity is situated in the same prolific geological area where BP is advancing two major growth projects.

Drilling and Rig Details

The specific rig for the Conifer well has not been announced. However, BP holds existing contracts with Transocean and Noble Corporation. Transocean's drillships Deepwater Atlas and Deepwater Invictus are under contract for BP work through 2030 and April 2028, respectively. Noble's drillships BlackLion and BlackHornet are contracted with BP through September 2028 and February 2029.

Strategic Context and Development Plans

The Conifer well results could contribute to BP's broader ambitions in the region, which center on two sanctioned high-pressure (20k) platform developments. The Kaskida project, sanctioned in 2024, is scheduled to start production in 2029. The Tiber-Guadalupe project, sanctioned in 2025, is set to follow in 2030. Each platform is designed to produce 80,000 barrels of crude per day. Gordon Birrell noted that Conifer could eventually become an exciting tie-back opportunity to the Kaskida platform, extending the longevity of BP's Paleogene opportunities.

Resource Potential and Regional Focus

BP estimates its Paleogene assets hold 10 billion barrels of crude resources. The company aims for the Kaskida and Tiber projects to help boost its US Gulf output to over 400,000 barrels of oil equivalent per day by 2030. Birrell emphasized significant remaining potential in both the Paleogene and the historically productive Miocene formations. This exploration effort is part of BP's strategy to "reload the hopper," primarily in the Paleogene, to create more long-term opportunities.

Recent Exploration and Lease Acquisition Success

In 2025, the US Gulf was one of 12 areas where BP made a discovery, with the offshore Brazil Bumerangue prospect being the highlight, estimated to hold around 8 billion barrels of liquids. Furthermore, BP was the leading bidder in the most recent US Gulf lease sale in December, securing $62 million in successful bids. This marked the first time in 13 years the company led a US Gulf lease sale, outbidding competitors like Chevron and Woodside Energy.