BP's Kaskida project is approved by the US, a spokesperson said.

A company spokesperson said in an emailed statement sent late Friday that the Trump administration has approved the Kaskida Project in the Gulf of Mexico.

The $5 billion investment would unlock 10 billion barrels in resources that BP has discovered in the Paleogene field of the U.S. Gulf according to the spokesperson.

A statement stated that the U.S. Department?of the Interior's approval for?Kaskida was the result of an extensive review of the development plan of the company over a period of one year.

Bloomberg News reported for the first time on Friday that Kaskida is scheduled to begin crude?production by 2029. The Kaskida Project will follow BP’s start-up in 2023 of?the Argos Project, which was the company's first platform launching?in U.S. Gulf waters since 2008 and first since the Deepwater Horizon catastrophe.

In April 2010, the explosion at BP's Deepwater Horizon rig killed 11 rig workers and caused a $70 billion oil spill, which was the largest in U.S. History. Reporting by Preetika Parshuraman in Bengaluru and Shivani Tannan; editing by Tom Hogue

(source: Reuters)