September 2, 2009

BP Makes “˜Giant’ Oil Discovery In Gulf Of Mexico

Petroleum firm BP announced Wednesday that it has made a "giant" discovery in the Gulf of Mexico.

"BP announced today a giant oil discovery at its Tiber Prospect (well) in the deepwater Gulf of Mexico," the firm said in a statement.

"The Tiber well was drilled to a total depth of approximately 35,055 feet making it one of the deepest wells ever drilled by the oil and gas industry."

The well is located in Keathley Canyon block 102, about 250 miles south east of Houston.

"Tiber represents BP's second material discovery in the emerging Lower Tertiary play in the Gulf of Mexico, following our earlier Kaskida discovery," said Andy Inglis, chief executive of Exploration and Production at BP.

"These material discoveries together with our industry leading acreage position support the continuing growth of our deepwater Gulf of Mexico business into the second half of the next decade."

Upon the announcement, BP's shares rose 3.42 percent to 537.15 pence on London's benchmark FTSE 100 index.

Peter Hutton, an analyst at NCB Oils, told AFP that BP's announcement would stand as "confirmation of BP's strong focus on Gulf of Mexico."

BP operates Tiber, where it has a 62 percent share, along with Brazilian firm Petrobras, with 20 percent, and US group ConocoPhillips with 18 percent.


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