BP Reports 'Significant' Deepwater GOM Discovery

BP Reports 'Significant' Deepwater GOM Discovery

BP plc reported Wednesday that it has made a significant deepwater discovery in the U.S. Gulf of Mexico.

The firm said the discovery at the Gila prospect is its third discovery in recent years in the emerging Paleogene trend in the GOM, reflecting its "ongoing commitment to the U.S. offshore region". BP's previous two Paleogene discoveries in the GOM were Kaskida in 2006 and Tiber in 2009.

The Gila discovery was made by an exploration well on Keathley Canyon Block 93, around 300 miles southwest of New Orleans and in approximately 4,900 feet of water.

The well, which penetrated multiple Paleogene-aged reservoir sands, was drilled to a total depth of 29,221 feet. Appraisal drilling, including completion of drilling through the Paleocene section, will be required to determine the size and potential commerciality of the discovery, BP said.

Commenting on the discovery, BP Global Head of Exploration Mike Daly said:

"Gila continues our successful drill out of the prolific Paleogene play system in the deepwater Gulf of Mexico. Subject to successful appraisal, Gila, Tiber and Kaskida together offer the potential for significant future oil developments in the Keathley Canyon area."

BP holds a majority interest in the Gila discovery, which is co-owned by ConocoPhillips.

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