BP Discovers Huge Oil Store in Gulf of Mexico

Firm drills world's deepest oil well, finds 3B barrels
By Nick McMaster,  Newser Staff
Posted Sep 2, 2009 2:59 PM CDT
BP Discovers Huge Oil Store in Gulf of Mexico
Tony Hayward, chief executive of European oil giant BP PLC , makes the opening remarks for Oil Day at CERAWeek 2009 Tuesday, Feb. 10, 2009 in Houston.   (AP Photo/Pat Sullivan)

(Newser) – BP discovered a massive oil cache under the Gulf of Mexico after drilling the world’s deepest exploration well, Bloomberg reports. The discovery at Tiber Prospect may hold reserves equivalent to 3 billion barrels. In order to find it, BP engineers drilled to a total depth of 35,055 feet—taller than Mount Everest.

Although the find will take years to develop, it is expected to increase BP’s output in the Gulf by 50%, to 600,000 barrels a day after 2020. “What today’s announcement proves is that BP is a very, very successful explorer,” said an industry analyst. “They’ve opened up the whole area for discoveries.”
(Read more British Petroleum stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X