BP announces ‘giant’ oil find in Gulf of Mexico Tiber Prospect

September 2, 2009

(ChattahBox) — UK energy giant BP in a statement on Wednesday said it has made “a giant oil discovery” at its Tiber Prospect in the deepwater area of the Gulf of Mexico. Its last discovery in the Gulf of Mexico area called Thunder Horse, which is now considered one of its best future prospects for Western concerns. The oil firm will now undertake appraisals to determine the well’s size and commercial potential. But using the word ‘giant’ is almost unprecedented and a spokeswoman for BP likened the discovery to Kaskida, an earlier discovery which had 3 billion barrels of oil equivalent. BP has a 62 percent working interest in the block while Brazilian state-controlled Petrobras owns 20 percent and U.S. oil major ConocoPhillips owns 18 percent. On the downside, BP’s Thunder Horse currently rates as the largest deepwater production site in the Gulf of Mexico, drilling at depths of 6,000 meters below sea level to a total depth of 10,000+ meters, which makes production costs very high.


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One Response to “BP announces ‘giant’ oil find in Gulf of Mexico Tiber Prospect”

  1. tiber prospect | Most Popular Daily Trends, News, Searches on September 2nd, 2009 11:42 am

    […] in the U.S. Gulf of Mexico that may contain more than 3 billion barrels, sending its shares higher. BP announces ‘giant’ oil find in Gulf of Mexico Tiber Prospect. 2 Sep 2009. Wed Sep 02 10:39:58 GMT 2009. A weekly business magazine in India featuring stories on […]

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