BP BP Plc

By Dean Seal

BP PLC has started oil production at its fifth offshore drilling facility in the Gulf of Mexico.

The oil giant said Thursday that the new Argos platform can produce up to 140,000 barrels of oil per day and will increase its gross operated production capacity in the Gulf of Mexico by 20%.

Argos is the first new BP-operated facility in the region since 2008. The platform is located about 190 miles south of New Orleans and will support 250 permanent jobs, BP said. Production is expected to ramp up throughout the year.

Ewan Drummond, senior vice president for projects, production and operations, said the Argos platform is part of BP's strategy for increasing Gulf of Mexico production to around 400,000 barrels of oil equivalent a day "by the middle of this decade."

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 13, 2023 09:50 ET (13:50 GMT)

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