BP has reported progress across five operated upstream projects involving deepwater Paleogene reservoirs, subsea gas developments, reservoir compression and enhanced gas recovery through carbon capture and storage.
In its second-quarter 2026 presentation, bp provided updated construction estimates for Ginger in Trinidad and Tobago, Tangguh UCC in Indonesia, Kaskida and Tiber–Guadalupe in the US Gulf, and Shah Deniz Compression in the Caspian Sea.
The projects form part of a more selective upstream portfolio under new chief executive Meg O’Neill, who said bp would judge assets by their future value rather than their historical importance to the company.
“We will simplify and focus the portfolio. As we high-grade, we will do so based on value creation — not sentiment, not history, and not legacy attachment. Some assets may have been important to bp in the past. That does not necessarily mean they are the right assets for bp’s future.”
Ginger is the most advanced of the five projects, at approximately 80% complete. The offshore gas development will comprise four subsea wells tied back to bp’s existing Mahogany B platform. The first well has been completed and drilling is continuing during 2026, with first gas expected in 2027. BP expects the project to contribute approximately 50,000 barrels of oil equivalent per day at peak.
In Indonesia, the Tangguh UCC project was around 45% complete at the end of June. The development combines the Ubadari gas field, enhanced gas recovery using carbon capture, utilisation and storage, and new onshore compression facilities at the Tangguh LNG complex.
The CCUS component will capture reservoir CO₂ that would otherwise be emitted and reinject it into the producing Vorwata reservoir. BP and its partners have said the integrated project could unlock approximately three trillion cubic feet of additional gas resources. Production is scheduled to begin in stages from 2028, with an expected contribution of around 55,000 barrels of oil equivalent per day.
BP is also progressing two technically demanding Paleogene developments in the deepwater US Gulf. Kaskida was approximately 35% complete and remains on schedule for first production in 2029. The initial development will use six wells connected to a new floating production platform with capacity for 80,000 barrels of oil per day.
Kaskida will be bp’s first project to produce from reservoirs requiring equipment rated to pressures of up to 20,000 psi. The field lies approximately 400 km south-west of New Orleans in water depths of around 1800 metres.
Tiber–Guadalupe, approximately 10% complete, will apply a similar 20,000 psi development concept. Its floating production platform will be based largely on the Kaskida design and will initially receive production from six Tiber wells and a two-well tie-back from Guadalupe.
The first development phase targets an estimated 350 million barrels of oil equivalent in recoverable resources. The platform will have capacity to produce 80,000 barrels of oil per day, with start-up expected in 2030.
In the Caspian Sea, Shah Deniz Compression was around 30% complete. The project is intended to access lower-pressure gas resources as reservoir pressure declines in the mature Shah Deniz field.
An electrically powered, normally unattended compression platform will be installed ahead of the existing Shah Deniz Alpha facility. The project is expected to recover an additional 50 billion cubic metres of gas and 25 million barrels of condensate, with operations beginning in 2029.
Together, the projects illustrate the increasingly varied subsurface and engineering approaches being used to sustain upstream growth: new subsea tie-backs, ultra-high-pressure deepwater production, late-life reservoir compression and the integration of CO₂ reinjection with enhanced gas recovery.
