BP seeks buyers for major Gulf of Mexico oil projects

The Kaskida and Tiber projects represent BP’s most significant prospects in the Gulf of Mexico, with both fields projected to reach a production capacity of 80,000 barrels of oil per day. While Kaskida is slated to come online in 2029, Tiber is expected to follow in 2030. Industry insiders suggest that divesting minority interests in such long-term projects is a standard move for energy majors looking to optimize balance sheets while maintaining operational control.

This divestment effort aligns with the company's broader pivot back toward core fossil fuel assets, a shift that followed investor pressure and lackluster share performance during its previous push into renewables. Under O'Neill, who assumed the top post in April, the firm is doubling down on its U.S. upstream operations. BP has set an ambitious target to reach one million barrels of oil equivalent per day in the United States by 2030, which would account for nearly half of its global production goal.