BP has announced a huge oil discovery at its Tiber prospect in the deepwater Gulf of Mexico.
The well is located approximately 400km south east of Houston and was drilled to a total depth of roughly 35,055 feet. Oil was found in multiple lower tertiary reservoirs.
“Tiber represents BP’s second material discovery in the emerging lower tertiary play in the Gulf of Mexico, following our earlier Kaskida discovery,” said Andy Inglis, chief executive, exploration and production. “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.Â
An appraisal will be required to determine the size and commerciality of the discovery, although it is believed to be one of the deepest wells ever drilled by the oil and gas industry.
Deep water successes such as this one have prompted renewed enthusiasm that oil production in the Gulf of Mexico will rise. The US Minerals Management Service predicts 1.88 million barrels of oil per day will be produced in 2013 in the region, up from 1.14 million bpd last year.
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