On Monday, BP announced a significant breakthrough with the discovery of oil at the Far South field in the Gulf of Mexico. This announcement reinforces the company’s revised strategy to boost production, a course that was set earlier this year. The discovery was made following the drilling of an exploratory well on Block 584 in the Green Canyon area, approximately 120 miles off the Louisiana coast. Both the primary well and its branch encountered oil, with early data suggesting a commercially viable volume of oil and gas.