Chevron Corp.’s subsidiary, Chevron U.S.A. Inc., will work with BP Exploration and Production Inc. and ConocoPhillips Co. to explore and appraise 24 jointly held offshore leases in the northwest portion of Keathley Canyon in the deepwater Gulf of Mexico (GoM). Chevron will be the operator, according to a press release.

The transaction encompasses the Tiber and Gila discoveries and the Gibson exploratory prospect. Chevron recently acquired an interest in Tiber and Gila from BP. Chevron, BP and ConocoPhillips already held interests in the Gibson prospect. The scope of the collaboration between Chevron, BP and ConocoPhillips includes further exploration and appraisal of these GoM leases as well as evaluating the potential of a centralized production facility, which would provide improved capital efficiency, similar to Chevron's Jack/St. Malo project. Chevron, BP and ConocoPhillips also plan to work together to achieve efficiencies in schedule, realize cost savings, and optimize the use of human resources.

The recently announced discovery at Guadalupe, located adjacent to Keathley Canyon, could also be developed by using the centralized production facility. Chevron, BP, and Venari, the Guadalupe co-owners, will evaluate this possibility during the upcoming appraisal phase of that discovery.