bp announces successful start-up of Herschel Expansion in Gulf of Mexico

HOUSTON, Feb. 22, 2022 /PRNewswire/ -- bp today announced the safe and successful start-up of the Herschel Expansion project in the Gulf of Mexico. This is part of bp's strategy to invest in focused and resilient hydrocarbons. Herschel is the first of four major projects scheduled to be delivered globally in 2022. Phase 1 of the Herschel Expansion project comprises development of a new subsea production system and the first of up to three wells tied to the Na Kika platform. At its peak, this first well is expected to increase platform annual gross production by an estimated 10,600 barrels of oil equivalent a day (boe/d).

Starlee Sykes, bp senior vice president Gulf of Mexico and Canada said: "bp continues to grow its position in the Gulf of Mexico by bringing online high-quality projects. Like other recent start-ups in the Gulf of Mexico, with Herschel we are tying into existing infrastructure to produce some of the most efficient barrels in the world. Focusing our hydrocarbons business on the highest quality resources such as these sits at the heart of bp's strategy. Doing so safely, ahead of schedule and under budget is testament to the caliber of the team."

The bp-operated well, drilled to a depth of approximately 19,000 feet, is located southeast of the Na Kika platform, approximately 140 miles off the coast of New Orleans. The project provides infrastructure for future well tie-in opportunities. bp and Shell each hold a 50 percent working interest in the Herschel development.

Ewan Drummond, bp senior vice president, projects, production and operations said: "Herschel is a great example of the type of fast-payback, high-return tie-back opportunities we continue to deliver as we focus and high-grade our hydrocarbons portfolio. I would like to thank the team for their commitment in the safe and early execution of this project."

About bp

bp's ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. bp is America's largest energy investor since 2005, investing more than $130 billion in the economy and supporting about 230,000 additional jobs. For more information on bp in the US, visit www.bp.com/us.

Note to editors

• The Herschel Expansion field is located in the Mississippi Canyon block 520, southeast of the bp-operated Na Kika platform in approximately 6,700 feet of water.
• bp is a leading producer in the deepwater Gulf of Mexico, operating four production platforms – Thunder Horse, Atlantis, Mad Dog and Na Kika – with a fifth platform, Argos, expected to come online in 2022.
• bp anticipates growth in its production in the US Gulf of Mexico to about 400,000 boe/d net by the mid 2020s.

Further information

bp press office, US, [email protected]

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Cautionary statement

In order to utilize the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 (the 'PSLRA'), bp is providing the following cautionary statement. This press release contains certain forecasts, projections and other forward-looking statements – that is, statements related to future, not past, events and circumstances which may relate to one or more of the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of words such as 'will', 'expects', 'is expected to', 'aims', 'should', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see' or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of bp.  Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under 'Risk factors'.

• Our most recent Annual Report and Form 20-F is available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov

SOURCE BP PLC