BP Makes Discovery At Aspen

BP announced a major discovery at its Aspen field, located approximately 150 miles south-southwest of New Orleans, La., in the Green Canyon region of the Gulf of Mexico. The discovery adds to an extensive portfolio of deepwater assets BP has in the Gulf.

Exploratory drilling by Diamond Offshore's semisubmbersible, Ocean Victory confirmed the Aspen discovery. 490 feet of net feet of pay was encountered. Development plans for the field are currently being evaluated.

Aspen is a deepwater field located in approximately 3,000 feet of water at Green Canyon Block 243. BP has 80 percent ownership of the block. Nexen Petroleum USA Inc. owns the remaining 20 percent. Block 243 is located near the BP-operated Troika field, which is jointly owned by BP, Shell and Marathon.

Vastar Resources, Inc. of Houston purchased the Aspen field lease in March 1998. BP acquired its rights through the company's purchase of Vastar in 2000. Aspen is one of approximately 50 Vastar prospects BP is currently evaluating or developing.

"We are excited about Aspen's potential and believe it will contribute to the near-term growth of BP's portfolio," said James Dupree, vice president of BP's Deepwater Production.

BP is the largest acreage holder in the deepwater Gulf with more than 750 gross blocks in water depths greater than 1,500 feet. The company has a substantial reserve base in the deepwater Gulf, with ownership of approximately 35 percent of all deepwater Gulf discoveries to date. BP currently produces more than 250,000 BOE per day from its deepwater Gulf of Mexico fields.


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