On September 3, 2009
BP’s Giant Oil Discovery Proves Gulf of Mexico is Drillworthy
Giant oil discoveries — like BP’s deepwater Tiber find in the Gulf of Mexico — have a talent for triggering an analytical romp into its potential, what it means for the company, the industry and the world. The pessimists and optimists — all calling themselves realists — chime in and the opportunists look for opportunity. BP announced Wednesday a giant oil discovery — that could hold up to 3 billion barrels — in the Gulf of Mexico. The Tiber well is located in Keathley Canyon, which is within a geologic formation called the Lower Tertiary, where BP has a leading acreage position. The well was tapped more than six miles beneath the surface, one of the deepest ever drilled by the oil and gas industry. The find is more than…
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