3 September 2009

BP finds 3 billion barrels in Gulf

BP made a huge oil discovery in the Gulf of Mexico that could be more than 3 billion barrels.

BP said it made the find at its Tiber Prospect in the deep waters of the Gulf of Mexico. They drilled the well in Keathley Canyon block 102.

Further testing will truly determine the volumes of oil, BP said, but a spokesperson said the find could be bigger than its Kaskida discovery, which had more than 3 billion barrels of oil.

BP, the biggest oil producer in the U.S. and biggest leaseholder in the Gulf of Mexico, has a 62% working interest in the block while Brazilian state-controlled Petrobras owns 20% and ConocoPhillips owns 18%.

“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,” said Andy Inglis, BP’s head of Exploration and Production.

The Gulf of Mexico has become increasingly important to Western oil majors as oil-rich countries like Saudi Arabia, Venezuela, and Russia reserve their richest fields for their state-owned oil companies.

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