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BP Makes ‘Giant’ Oil Discovery in Gulf of Mexico Tiber Prospect

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Eduard Gismatullin
Bloomberg
Wednesday, Sept 2, 2009

BP Plc, Europe’s second-largest oil company, said it made “a giant oil discovery” at its Tiber Prospect in the deepwater area of the Gulf of Mexico.

The well is located in Keathley Canyon block 102, which is about 250 miles (400 kilometers) south east of Houston, the London-based company said today in a statement. The Tiber well was drilled to a total depth of approximately 35,055 feet (10,685 meters) “making it one of the deepest wells ever drilled by the oil and gas industry,” BP said in a statement.

“The well found oil in multiple Lower Tertiary reservoirs,” BP said. “Appraisal will be required to determine the size and commerciality of the discovery.”

The British company plans to increase production in the Gulf of Mexico by about 13 percent to 450,000 barrels of oil equivalent a day in 2013 by linking its platforms with undersea pipelines. BP is developing nine projects in the Gulf of Mexico and in 2007 became the largest oil and gas producer in the region ahead of Royal Dutch Shell Plc.

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This article was posted: Wednesday, September 2, 2009 at 3:10 am





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