BP Exploration and Production Inc., a subsidiary of BP plc, signed a memorandum of understanding with TechnipFMC related to bp’s Paleogene projects in the US Gulf of Mexico.

The MoU sets out a framework for bp and TechnipFMC to cooperate in connection with the supply of 20,000 psi subsea tree systems for the projects, allowing the parties to identify and work cooperatively on early opportunities and future technology development that could support schedule certainty and improved project outcomes, TechnipFMC said in a release Oct. 20.

Beyond existing assets, bp expects to invest around $10 billion to deliver to additional Gulf of Mexico hubs. The operator has taken final investment decisions on the Kaskida project (July 2024) in the Keathley Canyon area, which represents bp’s first step toward unlocking the Paleogene, an oil-rich geological area, using technology to manage pressures of up to 20,000 psi, and the Tiber-Guadalupe project, which will become the Tiber platform (September 2025).

Together, bp expects to unlock around 10 billion bbl of discovered resources in the Paleogene geological area.