Source:
GuardianBP talks up 'giant' Gulf of Mexico oil find
The company said much more drilling appraisal work was needed before the field's commerciality could be guaranteed
Terry Macalister, industrial correspondent guardian.co.uk,
Wednesday 2 September 2009 14.14 BST
BP is threatening to confound pessimists worried about dwindling new oil supplies by announcing a "giant" discovery in the Gulf of Mexico which some believe could be as large as the Forties, the biggest field ever found in the North Sea.
The oil group, already the largest producer of hydrocarbons in the US, said its Tiber Prospect in 4,100 feet of water was particularly exciting because it promised to open up a whole new deepwater province in the Gulf.
Shares in BP raced ahead 4% to 539p making it the biggest riser in the FTSE 100 despite the company saying much more drilling appraisal work was needed before its commerciality could be guaranteed.
But the company also admitted that Tiber was bigger than the prospect on the nearby Kaskida field found in 2006 which has around 3bn barrels of oil reserves in place. Industry experts said Tiber might be as large as Forties which has 4bn barrels in place.
Read more:
http://www.guardian.co.uk/business/2009/sep/02/bp-oil-find-gulf-of-mexico
BP announces discovery of "giant" oil field in Gulf of Mexico
Business News
Sep 2, 2009, 11:36 GMT
London - Oil company British Petroleum (BP) Wednesday announced the discovery of a giant new oil field in the Gulf of Mexico in what it described as one of the 'deepest wells ever drilled in the oil and gas industry.'
The find was made at BP's Tiber well, which was drilled to a depth of more than 10,000 metres and is located some 400 kilometres south-east of the city of Houston in Texas.
BP said it was now looking to verify the size and potential of the oil discovery, its second major find in that area of the Gulf of Mexico.
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Although this is also still under appraisal, BP said it believes Kaskida has a three billion barrel capacity and confirmed the new find was potentially in 'the same league.'
http://www.monstersandcritics.com/news/business/news/article_1498804.php/BP-announces-discovery-of-giant-oil-field-in-Gulf-of-Mexico