BP Approves $5 Billion Platform Project Off US Gulf Coast

BP Plc reached a final investment decision on the $5 billion Tiber-Guadalupe project off the US Gulf coast, a major step in the energy giant’s drive to refocus its business on oil and gas.

The offshore platform is key to BP’s plan to exceed the equivalent of 400,000 barrels a day of output capacity in the region by the end of the decade, the company said in a statement Monday. BP’s shares edged 0.7% lower in London.