The British multinational oil and gas company found a billion barrels of oil at the offshore Thunder Horse oil field in the Gulf of Mexico using a new seismic imaging technique known as Full Waveform Inversion.
Full Waveform Inversion uses advanced algorithms to create improved models of the Earth's subsurface by generating seismic wave simulations and comparing these with existing recorded data, BP explained in a press release in April of 2017.
These models are used to create high-quality images of oil and gas reservoirs.
The company also announced the approval of Atlantis Phase 3, a US$1.3 billion project that includes the construction of a new subsea production system located 150 miles south of New Orleans and covering roughly 2 kilometers.
According to Tuesday's statement by BP, the company has expanded its production in the Gulf of Mexico by more than 60 percent.
It aims to grow its production from 300,000 barrels of oil equivalent per day to 400,000 barrels of oil equivalent per day over the next decade.
BP has been the biggest investor in the Deepwater Gulf of Mexico for the past 10 years, the company said.