Market Updates
BP in Gulf of Mexico Oil Field Discovery
123jump.com Staff
02 Sep, 2009
New York City
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BP Plc, the second largest energy company in Europe and the largest oil explorer in the Gulf of Mexico claims to discover one of the largest energy field in the region.
[R]11:45 AM New York – BP Plc, the second largest energy company in Europe and the largest oil explorer in the Gulf of Mexico claims to discover one of the largest energy field in the region.[/R]
BP Plc, the largest producer of oil in the Gulf of Mexico said that it has discovered one of the largest oil fields in the region.
The Tiber Prospect oil field is located about 250 million southeast of Houston and 35,055 feet deep and may hold as much as 3 billion barrels of oil.
BP Plc is the largest oil explorer in the Gulf of Mexico and expects this field to be fully operational by 2020. The oil from the field is expected to increase the BP production between 1% and 2% beginning 2013 till 2020 according to the chief of exploration and production by Andy Inglis.
BP said in a press note that Tiber Prospect drilling is the deepest ever exploration oil drilling and also the deepest field in the Gulf of Mexico.
BP Plc controls 62% of the field, Petrobras has 20% stake and Conoco Phillips has 18% holding.
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