en.Wedoany.com Reported - BP is seeking partners for its two core deepwater projects, Kaskida and Tiber, in the US Gulf of Mexico, having initiated a minority stake sale. According to previous reports, BP had considered selling up to 50% of each project. This transaction could be worth billions of dollars and is part of the strategy of the company's new Chief Executive Officer, Meg O'Neill, who took office in April and is BP's first external leader in over a century. Although the two projects are located on the US side, the sale process and its underlying strategic logic have direct implications for the advancement of deepwater projects in Mexico.

Kaskida and Tiber are among BP's most important offshore development projects in the US Gulf of Mexico. Each project is expected to have a production capacity of 80,000 barrels per day once operational. BP approved the Kaskida project in 2024, which will be its sixth operated production hub in the Gulf of Mexico, with first production expected in 2029. The initial development phase will involve constructing a floating production platform and connecting subsea wells. The company approved the BP-owned Tiber-Guadalupe project in 2025, which will become its seventh operated hub in the Gulf of Mexico, with first production planned for 2030. These two projects are part of BP's efforts to develop resources from the Paleogene formation, an oil-rich deepwater zone in the Gulf of Mexico. The Kaskida field is located in the Keathley Canyon block of the US Gulf of Mexico, with estimated oil geological reserves of about 3 billion barrels. It was discovered in 2006 at a water depth of approximately 1,790 meters, comparable to the boundary of Mexico's Perdido Fold Belt.

This stake sale comes after BP adjusted its corporate strategy to refocus on oil and gas operations. In recent years, BP has reduced its emphasis on renewable energy, a shift driven by investor pressure and underperformance in stock price. The company faces ongoing pressure to improve returns and strengthen its upstream asset portfolio. BP views the US market as one of its main engines for future expansion, targeting an increase in US production to approximately 1 million barrels of oil equivalent per day by 2030. Selling minority stakes in Kaskida and Tiber while retaining operational control is a capital recycling strategy: it brings in partner capital to fund development while maintaining BP's control over execution. This structure mirrors the mixed contracts and joint venture frameworks used by international oil companies in Mexico.

The US Gulf of Mexico shares the same geology as Mexico's offshore boundary: the Perdido Fold Belt and the broader Paleogene formation extend across both sides. In contrast, Mexico's deepwater areas remain largely unexplored; until 2016, the cash-strapped Mexican state oil company Pemex was the sole participant in deepwater exploration on that side. Despite a lack of investment, exploration drilling in the Perdido Fold Belt has confirmed the presence of significant hydrocarbons. Before the pandemic, in 2019, US Gulf of Mexico production peaked at over 2 million barrels per day, while Mexico had yet to produce oil from deepwater zones. Mexico's first ultra-deepwater development project, Trion, was discovered by Pemex in 2012, approved by Mexico's National Hydrocarbons Commission (CNH), and is being developed in partnership with Woodside. It is expected to start production in 2028, with peak output of approximately 110,000 barrels of oil and 101 million cubic feet of natural gas per day. Sixteen years after its discovery, Trion remains Mexico's only deepwater project on track for first production, while BP already operates seven hubs on the other side of the border.

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