BP announced it will drill a new oilfield in the Gulf of Mexico as the energy major’s second-quarter profits surpassed forecasts. The London-listed company said on Tuesday that it would build a sixth platform in the Gulf of Mexico to tap 80,000 barrels of oil a day from the Kaskida field, which it first discovered in 2006.

The field, wholly owned by bp, is estimated to hold approximately 275 million barrels of oil equivalent (mboe) recoverable resources.

BP has given the go-ahead to the development of its deepwater Kaskida project in the US Gulf of Mexico, with first oil expected in 2029, as the UK supermajor saw its second-quarter profits beat analysts’ expectations and stay ahead of last year.

BP increased its dividend and extended its share repurchasing programme on Tuesday as it reported a forecast beating second-quarter profit of nearly $2.8 billion, with weak refining offset by stronger oil prices and retail earnings.

BP’s underlying profit rose in the second quarter, beating market forecasts, after higher volumes offset significantly lower refining margins, but impairments of $2.8 billion dragged the statutory result.

Boss Murray Auchincloss (pictured) has promised to focus on expanding its oil and gas business and returning more cash to shareholders.

BP moves ahead with deepwater Kaskida project in U.S. Gulf of Mexico, its first big project in the U.S. Gulf since the Deepwater Horizon disaster in 2010.