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BP has announced a significant oil discovery in the Gulf of America, marking a pivotal moment in its strategic shift towards enhancing oil and gas production.
The discovery, made at the Far South field in Green Canyon Block 584, is located approximately 120 miles off the coast of Louisiana. BP, holding a 57.5% interest, operates the field alongside Chevron U.S.A. Inc. (NYSE: CVX), which holds the remaining 42.5%.
This development aligns with BP’s revised strategy to focus more on traditional energy sources, aiming to boost its Gulf of America (previously known as Gulf of Mexico) output to 400,000 barrels per day by 2030. The company also plans further exploration activities in the region, including the Kaskida and Tiber oil fields, as it expects global production to reach up to 2.5 million barrels per day by the end of the decade.
BP’s Gulf of America Discovery Will Lead to Higher Output in the Region
BP’s recent discovery in the Gulf of America underpins its strategic shift towards prioritizing oil and gas production over renewable energy investments. This move comes as the company aims to increase its output in the region to 400,000 barrels per day by 2030.
The Far South field, where the discovery was made, is situated in Green Canyon Block 584, a site that has demonstrated promising potential with the exploration well reaching a depth of 23,830 feet. This aligns with BP’s broader strategy to bolster its global production capacity, targeting between 2.3 million and 2.5 million barrels per day by the end of the decade. Additionally, BP continues to explore other promising fields in the Gulf, including Kaskida and Tiber, to further solidify its position in the oil and gas sector.
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BP Stock Brief
The recent developments have had a notable impact on BP’s stock performance. The latest premarket price of $27.41 (up over 3% from the previous close) suggests investor confidence following the announcement. BP’s stock is trading closer to its 52-week low of $25.22, with a high of $39.73, reflecting potential for growth.
Key metrics such as a dividend yield of 7.22% and a forward P/E ratio of 7.05 further highlight the stock’s attractiveness. Analysts have set a target high price of $45.00 and a median price of $36.25, with a recommendation to buy, underscoring positive market sentiment towards BP’s strategic direction.
Chevon’s (NYSE: XOM) stock has also seen slight gains, trading at $105.10, up almost 2% in the premarket trading session.
Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.
About the author
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
