Chevron Corp. BP PLC and ConocoPhillips are all teaming up on exploration in the northwest portion of the Keathley Canyon region of the deepwater Gulf with Chevron as the lead operator. Chevron will acquire half of BP's interests in the canyon's Tiber and Gila prospects.

Chevron, BP and ConocoPhillips already all held interests in the region's Gibson exploratory prospect. They also plan to evaluate the recent Guadalupe discovery in the deepwater area. The three energy companies stated that they will evaluate the potential of opening a centralized production facility, which could provide improved capital efficiency, similar to Chevron's Jack/St.

Malo Gulf project that will tie a platform to the ocean floor. As a result of the agreements, BP, Chevron and ConocoPhillips will have the same working interests across Gila and Gibson and any future centralized production facility. Chevron will hold 36%, while BP will maintain 34% and ConocoPhillips will have 30% in Gibson.

In Tiber, BP and Chevron will each hold 31% interest and ConocoPhillips will have 18%.