BP Starts Pumping Crude At Argos Platform In The Gulf Of Mexico - BP (NYSE:BP)

BP plc BP has started oil production at its Argos offshore platform in the Gulf of Mexico.
Argos has a gross production capacity of up to 140,000 barrels of oil per day. It is BP's fifth platform in the Gulf of Mexico and the first new BP-operated production facility in the region since 2008.
Argos is expected to increase BP's gross operating production capacity in the Gulf of Mexico by 20%.
"The start-up of Argos is a fantastic achievement that helps deliver our integrated energy strategy – investing in today's energy system and, at the same time, investing in the energy transition. As bp's most digital facility worldwide, applying our latest technologies, Argos will strengthen our key position in the Gulf of Mexico for years to come," commented Bernard Looney, chief executive officer.
The start-up of the massive new deepwater oil project comes at a critical juncture for BP, after CEO Bernard Looney announced in February that the company was slowing its retreat from fossil fuels, the Financial Times reported.
Argos is bp's most digitally advanced platform operating in the Gulf of Mexico, featuring bp's proprietary LoSal Enhanced Oil Recovery (EOR) and Dynamic Digital Twin technologies. Operating in 4,500 feet of water about 190 miles south of New Orleans, Argos will support 250 permanent jobs.
Price Action: BP shares are trading higher by 0.07% at $40.49 premarket on Friday.
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