BP and Texaco Make New Deepwater Discovery

BP and Texaco announced an oil discovery in approximately 7,000 feet of water on Mississippi Canyon Block 696 in the Gulf of Mexico. The discovery well was drilled on a prospect called Blind Faith. The well was drilled to a total depth exceeding 25,000 feet from the water line. Blind Faith was the first well drilled by Diamond Offshore's dynamically positioned semisubmersible, Ocean Confidence.

The discovery was made on Mississippi Canyon Block 696, approximately 175 miles Southeast of New Orleans. The reservoir covers parts of two blocks, MC 696 and 695, some 20 miles East of BP's Crazy Horse discovery, the largest field ever discovered in the Gulf of Mexico. BP is the operator and has a 77.5% interest and Texaco hold the remaing 22.5%.