BP announced that it started development at Galapagos, a three-field, deep-water complex about 140 miles from the Louisiana coast.
The British company said it aims to invest at least $4 billion per year on oil and natural gas development in the Gulf of Mexico in the next 10 years.
"BP's continuing investment in the Gulf of Mexico is yet another example of our commitment to the U.S. economy and energy security," BP Chief Executive Officer Bob Dudley said in a statement.
"This investment, along with our ongoing commitment to the Gulf Coast region, demonstrates the importance of the U.S. to BP's long-term strategy."
A production facility in the development, modified to handle output from three fields in the region, can produce as much as 130,000 barrels of oil per day.
BP is still dealing with the financial and environmental fallout from an oil spill in the Gulf of Mexico in 2010.
The British company, with 650 leases, is the largest deep-water leaseholder operating in the Gulf of Mexico.