BP described its Project 20K is an effort that would develop tools needed to tap into new frontier developments for deep-water oil and natural gas reserves.
U.S. engineering company KBR is assigned with developing project execution plans for the project, while FMC Technologies will work on a ultra-high pressure system meant to help with underwater production.
BP, in a statement, said it expects the technology could eventually add as much as 20 billion barrels of resources to its global portfolio. BP said it was considering deep-water basins in Egypt, Azerbaijan and the U.S. waters of the Gulf of Mexico for the technology.
"With this project, BP truly is leading the way to the next frontier in deep-water oil and gas development and, as today's announcement demonstrates, is tapping into expertise from across the industry to tackle this significant challenge," Jackie Mutschler, head of upstream technology at BP America, said in a statement.
2014: NFL Cheerleaders [PHOTOS]
EIA: Russia diversifying energy production