BP has announced its plans to move forward with the development of the Kaskida project in the U.S. Gulf of Mexico, marking its first significant project in the region since the Deepwater Horizon incident in 2010. The Kaskida project is set to become BP's sixth deepwater project in the U.S. Gulf and is part of a series of discoveries with a total of 10 billion barrels of combined in-place oil resources in the Paleogene and Tiber areas of the Gulf. It is expected to achieve an oil production rate of 80,000 barrels per day once fully operational, with the first oil anticipated in 2029. BP's current production in the U.S. Gulf of Mexico averaged around 300,000 barrels of oil equivalent per day in 2023, with a target of reaching 400,000 barrels of oil equivalent per day by 2030. Alongside its deepwater oil endeavors, BP has also disclosed its green hydrogen ambitions. The company has approved plans to produce green hydrogen at its Castellon refinery in Spain and aims to construct 5-10 low-carbon hydrogen projects in the coming years to promote clean fuel production and decrease greenhouse gas emissions. Furthermore, BP is on track to finalize an investment decision on a 100-megawatt green hydrogen project at its Lingen refinery in Germany before the end of the year. In another positive development, BP reported a second-quarter profit of $2.76 billion, exceeding market expectations. The company also raised its dividend, reflecting its strong financial performance despite the challenges posed by the current market conditions.