BP Makes Giant Deepwater Discovery with Tiber

BP has made a giant oil discovery at its Tiber Prospect in the deepwater Gulf of Mexico.

The well, located in Keathley Canyon block 102, approximately 250 miles (400 kilometers) southeast of Houston, is in 4,132 feet (1,259 meters) of water. The Tiber well, drilled by Transocean's Deepwater Horizon semisub, was drilled to a total depth of approximately 35,055 feet (10,685 meters) making it one of the deepest wells ever drilled by the oil and gas industry. The well found oil in multiple Lower Tertiary reservoirs. Appraisal will be required to determine the size and commerciality of the discovery.

"Tiber represents BP's second material discovery in the emerging Lower Tertiary play in the Gulf of Mexico, following our earlier Kaskida discovery," said Andy Inglis, chief executive, Exploration and Production. "These material discoveries together with our industry leading acreage position support the continuing growth of our deepwater Gulf of Mexico business into the second half of the next decade."

Tiber is operated by BP, with a 62 percent working interest with co-owners Petrobras (20 percent) and ConocoPhillips (18 percent).