BP Amoco announced four significant oil discoveries in the deepwater Gulf of Mexico. The largest of the discoveries is the ‘Crazy Horse’ prospect in Mississippi Canyon block 778, located in 6,000 feet of water approximately 125 miles southeast of New Orleans. The well was drilled to a total depth of 25,782 feet by Transocean’s drillship, Discoverer 534. The estimated recoverable oil is at least one billion barrels of oil equivalent. BP Amoco is the operator and holds a 75 percent interest and its partner, Mobil, holds a 25 percent equity.
The other three discoveries are located in the Southern Green Canyon area in water depths varying from 4,000 to 6,500 feet. Each of these prospects are also operated by BP Amoco. The discoveries and the partners are: ‘Atlantis’ (BP Amoco 56 percent, BHP 44 percent); ‘Mad Dog’ (BP Amoco 63.56 percent, BHP 11.44 percent, Unocal 25 percent); and ‘Holstein’ (BP Amoco 50 percen6t, Shell 50 percent).