BP expects to increase oil and gas production from its key US Gulf of Mexico region to above 300,000 barrels of oil equivalent per day in the third quarter after a recent period of heavy maintenance begins to wind down.

In a call with analysts on Tuesday to discuss quarterly results, BP chief executive Bernard Looney described the Gulf of Mexico as “an absolute core asset” that “was running well”.

The company is anticipating production to grow to more than 400,000 boepd by the mid-2020s.