BP hails 'giant' oil find
BP was given a shares boost today after the group announced a "giant" oil discovery in the Gulf of Mexico.
The find was made at BP's Tiber well, which was drilled to a depth of more than 35,000 feet - making it one of the deepest wells ever drilled in the oil and gas industry, according to the firm.
It is now looking to verify the size and potential of the oil discovery, made around 250 miles south-east of Houston, Texas.
BP shares raced 4 per cent ahead at one stage, making it one of the day's biggest risers in a difficult session for the FTSE 100 Index.
The Tiber well find marks the firm's second major discovery in that area of the Gulf of Mexico.
Andy Inglis, chief executive of BP exploration and production, said the two finds helped "support growth of our deepwater Gulf of Mexico business into the second half of the next decade".
Tiber well is operated by BP, which has a 62 per cent stake, with co-owners Petrobas and ConocoPhillips respectively holding 20 per cent and 18 per cent stakes.
The group first made an oil discovery in this area of the Gulf of Mexico in Kaskida in 2006.
Although this is also still under appraisal, BP said it believes Kaskida has a three billion barrel capacity and confirmed the new find was potentially in "the same league".
It has launched a number of big oil developments in the wider Gulf of Mexico over the past 15 years, including Horn Mountain in 2002, Mad Dog in 2005 and Thunder Horse last year.
Thunder Horse is seen as BP's flagship project in the region, but was hit by a number of engineering problems that delayed the launch of production by three years.
However, Thunder Horse is now running at full operation, and production is now approaching 300,000 barrels of oil equivalent a day.
- 1 Frank Lampard's face drops when Holly Willoughby introduces him as a 'Man City legend'
- 2 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 4 The Visit: Trailer for M Night Shyamalan's latest horror film is terrifying
- 5 9/11: Iranian General accuses US of organising September 11 terror attacks
General Election 2015: Tories sack candidate who said she would never support 'the Jew' Ed Miliband
9/11: Iranian General accuses US of organising September 11 terror attacks
General Election 2015: Stephen Hawking says he will vote Labour
Manny Pacquiao begs Indonesia president to spare life of drug smuggler Mary Jane Veloso about to be executed
Yazidi sex slaves undergoing surgery to 'restore virginity' after being raped by Isis militants
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
Andrew Lloyd Webber: Phantom of the Opera writer mocked after issuing a warning about Ed Miliband and Nicola Sturgeon
General election 2015: Labour will toughen hate crimes legislation surrounding Islamophobia
HSBC review into moving headquarters from UK 'underway'
iJobs Money & Business
£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...
£45K - £55K (DOE) + Benefits: Guru Careers: We are seeking a full stack .NET D...