Thursday, May 06, 2010

FLASHBACK: BP Announced Today a Giant Oil Discovery at Its Tiber Prospect in Gulf of Mexico (Drilled by Deepwater Horizon)

Interesting that this BP press release coincides with the Transocean press release about digging the deepest oil well ever. This Tiber oil field was also drilled by Deepwater Horizon. What happens to the Gulf of Mexico if there is a disaster at this large oil field?


Release date: 02 September 2009
BP announced today a giant oil discovery at its Tiber Prospect in the deepwater US Gulf of Mexico.

The well, located in Keathley Canyon block 102, approximately 250 miles (400 kilometres) south east of Houston, is in 4,132 feet (1,259 metres) of water. The Tiber well was drilled to a total depth of approximately 35,055 feet (10,685 metres) making it one of the deepest wells ever drilled by the oil and gas industry. The well found oil in multiple Lower Tertiary reservoirs. Appraisal will be required to determine the size and commerciality of the discovery.

"Tiber represents BP's second material discovery in the emerging Lower Tertiary play in the US 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."

Tiber is operated by BP (NYSE: BP), with a 62 per cent working interest with co-owners Petrobras (NYSE: PBR/PBRA, 20 per cent) and ConocoPhillips (NYSE: COP, 18 per cent).
Note to editors:

BP is the largest producer of oil and gas in the US Gulf of Mexico with net production of over 400,000 barrels of oil equivalent per day. BP is progressing nine US Gulf of Mexico projects: Atlantis Phase 2, Tubular Bells, Kodiak, Freedom, Kaskida, Isabela, Santa Cruz, Mad Dog tiebacks and Great White.

Major BP developments in the deepwater Gulf of Mexico include: Pompano, 1994; Marlin, 2000; Horn Mountain, 2002; Na Kika, 2003; Holstein, 2004; Mad Dog, 2005, Atlantis, 2007, Thunder Horse 2008.

BP has a leading acreage position in the emerging Lower Tertiary area of the Gulf of Mexico. BP's first major discovery in the Lower Tertiary was Kaskida in 2006 which is currently under appraisal.

Further information:
Office: BP London Press Office
Phone: +44 2074964076

Contact: Daren Beaudo
Office: BP Houston
Phone: +1 281 366 8346

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