Three chief executives and 14 years following the 2010 Deepwater Horizon oil spill, BP is betting on the Gulf of Mexico for future growth, the Wall Street Journal reports.
In March, new CEO Murray Auchincloss was asked on stage at a Houston energy conference what business he’s most excited about. His answer: the Gulf of Mexico.
Specifically, the Paleogene, a geological layer in the Gulf of Mexico dating back as far as 60-plus million years—where BP first discovered oil more than a decade ago. BP says it could gain access to some 9 billion barrels of untapped oil.
“I think we stand the chance to open up the next great basin in the world, which is the Paleogene here in our backyard in the United States,” Auchincloss said.
