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BP Hails ‘giant’ Oil Discover

Author: By Holly Williams, Press Affiliation
The discover was made at BP’s Tiber well, which was drilled to a crude oil prices update depth of more
than 35,000 toes – making it one of the deepest wells ever drilled within the
oil and gas industry, in line with the firm.

It’s now trying to confirm the dimensions and potential of the oil discovery, made
round 250 miles south-east of Houston, Texas.

BP shares raced four per cent forward at one stage, making it one of many day’s
biggest risers in a difficult session for the FTSE one hundred Index.

The Tiber effectively find marks the firm’s second major discovery in that space of
the Gulf of Mexico.

Andy Inglis, chief govt of BP exploration and production, stated the two
finds helped “support progress of our deepwater Gulf of Mexico business into
the second half of the subsequent decade”.

Tiber nicely is operated by BP, which has a 62 per cent stake, with co-homeowners
Petrobas and ConocoPhillips respectively holding 20 per cent and 18 per cent
stakes.

The group first made an oil discovery in this space of the Gulf of Mexico in
Kaskida in 2006.
Although this can also be nonetheless beneath appraisal, BP mentioned it believes Kaskida has a
three billion barrel capability and confirmed the new find was potentially in
“the identical league”.

It has launched a lot of massive oil developments in the wider Gulf of Mexico
over the past 15 years, together with Horn Mountain in 2002, Mad Dog in 2005 and
Thunder Horse final year.

Thunder Horse is seen as BP’s flagship mission in the area, but was crude oil prices update hit by a
variety of engineering problems that delayed the launch of manufacturing by
three years.

However, Thunder Horse is now working at full operation, and manufacturing is now
approaching 300,000 barrels of oil equal a day.