BP Makes "Giant" Oil Find In Deep U.S. Gulf Well |
Wall Street Journal - Sep 2, 2009 |
U.K. energy giant BP PLC's (BP) shares rose more than 3% Wednesday after it announced a "giant" oil discovery very deep beneath the Gulf of Mexico, its latest find in an area that is proving to hold considerable resources, but stretches the limit of its technical capabilities.
Wednesday's announcement comes as Western oil companies find themselves under pressure to push technological limits to make new discoveries, having largely been denied access to the biggest oil resources in the Middle East.
BP's discovery, on a field called Tiber, is one of the deepest oil fields ever drilled. Lying more than 10 kilometers underground, it probably holds more than the 3.0 billion barrels of oil equivalent, or boe, that BP found at the nearby Kaskida field in 2006, said spokesman Robert Wine. At a 20%-30% recovery rate, which would be typical for this kind of field, Tiber could contain recoverable reserves of 600 million to 900 million boe, said NCB Stockbrokers analyst Peter Hutton.
Read Full Article from Wall Street Journal
- Posted: 2009-09-02 11:34:43
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