British oil giant BP PLC announced on Monday that it will proceed with its offshore drilling project named "Tiber-Guadalupe" in the US Gulf of Mexico, representing a $5 billion investment. This move marks another step in the company's strategic transformation as it refocuses on its core oil and gas operations.

The project is expected to begin oil and gas production in 2030, featuring a new floating platform with a daily crude oil production capacity of 80,000 barrels.

In recent years, BP PLC has faced mounting debt and underperformed compared to competitors such as Shell and Exxon Mobil. In February this year, the company announced plans to reduce investments in renewable energy while expanding oil and gas production to reverse its business decline and regain investor confidence.

The US market is key to achieving this goal. BP PLC plans to increase its daily oil and gas production in the US Gulf of Mexico from 341,000 barrels of oil equivalent last year to at least 400,000 barrels by 2030.

BP PLC stated that the new platform will be used to develop the Tiber and Guadalupe oil and gas fields, located approximately 300 miles (480 kilometers) southwest of New Orleans, with estimated recoverable resources of about 350 million barrels of oil equivalent.

The Tiber-Guadalupe project will become BP PLC's second ultra-high pressure drilling project in the Gulf of Mexico, operating at pressures up to 20,000 pounds per square inch, representing a breakthrough in technological application.

Last year, US oil producer Chevron successfully pioneered drilling operations under these pressure conditions with its Anchor project.

BP PLC noted that since the Tiber-Guadalupe project shares 85% of the same design as the nearby Kaskida project, its unit development costs per barrel of oil equivalent are expected to be approximately $3 lower than the Kaskida project.