Oil supplier BP have announced a ‘giant’ oil discovery in the Gulf of Mexico reaffirming the area’s importance to the Western based oil majors.
BP said in a statement on Wednesday that it had made the find at its Tiber Prospect in the deepwater Gulf of Mexico. The well was drilled in Keathley Canyon block 102.
The area will require further appraisal to determine the volumes of oil present in the area but speculation is that it could be bigger than the Kaskida discovery that has an estimated three billion barrels of oil in place.
The find highlights the potential in the Gulf of Mexico and bodes well for other exploration in the area, including at Royal Dutch Shell’s Great White field.
The Gulf of Mexico has become increasingly important to Western oil majors as oil rich-countries such as Saudi Arabia, Venezuela and Russia reserve their richest fields to be developed by their state-owned oil companies.
Source: Reuters
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