BP Exploration & Production, a subsidiary of BP, has signed a memorandum of understanding (MOU) with Seatrium for the potential development of the Tiber floating production unit (FPU) in the US Gulf of America.
Under the agreement, Seatrium would be responsible for the engineering, procurement, construction, and commissioning (EPCC) of the facility. This will be subject to BP’s final investment decision, which is expected to be taken this year.
The Tiber oil discovery was first announced by BP in 2009. It is located in Keathley Canyon block 102, approximately 480km southwest of New Orleans.
Drilled to a total depth of 10,685m, the Tiber well is one of the deepest wells in the oil and gas industry. It encountered hydrocarbons in multiple Lower Tertiary reservoirs.
The MOU builds between BP and Seatrium builds on their collaboration on the Kaskida FPU, another deepwater project in the same region.
BP took a final investment decision on Kaskida in July 2024, positioning it as the company’s sixth operated hub in the US Gulf of America.
The Kaskida project involves the development of a floating production platform designed to handle up to 80,000 barrels of crude oil per day from six wells, with production expected to commence in 2029.
Under the terms of the MOU, BP and Seatrium will define the scope of initial works and the EPCC framework for Tiber. The project is expected to incorporate lessons from Kaskida, including the application of Seatrium’s topsides single-lift integration methodology to enhance construction and installation efficiency.
BP estimates that the Tiber, Kaskida, and surrounding discoveries contain approximately 10 billion barrels of discovered resources.
