Posted on 09/03/2009 6:01:06 AM PDT by FromLori
Petroleum firm BP announced Wednesday that it has made a “giant” discovery in the Gulf of Mexico.
“BP announced today a giant oil discovery at its Tiber Prospect (well) in the deepwater Gulf of Mexico,” the firm said in a statement.
"The Tiber well was drilled to a total depth of approximately 35,055 feet making it one of the deepest wells ever drilled by the oil and gas industry."
The well is located in Keathley Canyon block 102, about 250 miles south east of Houston.
"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 of Exploration and Production at BP.
"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."
Upon the announcement, BP’s shares rose 3.42 percent to 537.15 pence on London's benchmark FTSE 100 index.
Peter Hutton, an analyst at NCB Oils, told AFP that BP’s announcement would stand as "confirmation of BP's strong focus on Gulf of Mexico."
BP operates Tiber, where it has a 62 percent share, along with Brazilian firm Petrobras, with 20 percent, and US group ConocoPhillips with 18 percent.
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I seem to recall hearing about this ‘deep water’ BP discovery years ago. It’s like a test project to see if it could be done. The Brasil discovery is also fairly deep, which is why we need to give Soros our money to make it all work.
I think they need a technology step to make it producible at a reasonable price.
The Democrat lies about energy independence are beginning to stink up the country. Doesn’t anybody think.
Why should WE have to give OUR money to soros a billionaire who funded move on?
Drill now, drill everywhere!
Good question, isn’t it.
We didn’t give it, Obama did. And you wonder how he does that.
Peak oil my ass!
Sure you can say we’ve reached peak oil if you don’t drill.
It makes me so mad I think drill baby drill but as for soros basically being paid back for his campaign money someone should go to jail like obama and soros!
I am very sorry I did a title search I see each title is a bit different I suppose that is why it did not come up. I see people repost my exact articles all the time I just figure good if more people see it but since you do not feel that way I apologize.
Yep, payback ...
We have real problems now.
Yes he has even more money to fund his scummy groups and dirty politicians.
I certainly understand that is why I do title searches.
Don’t apologize. You did the search. And if you hadn’t posted it, I and many others may not have seen this very informative article!
Did you click on the search link I provided, and wonder for even a second **why** you hadn’t seen it?
The Brazil presalt, if it is developed as a "Brazil Project", will cost about $175 billion, and profitability will be based on an oil price of $65 per barrel.
As it stands now, they have raised about 31 billion:
$13.3 billion---Brazil Development Bank
$10 billion-----China Development Bank
$5.5 billion----International Banks
$2 billion------US ExIm Bank
This amount of money would take them about 2 years into the project.
The $2 bln US was chump change, to draw other investors in. Soros sold off his shares after the announcement I believe.
Deep water drilling and production is not a slam dunk, I think they need a few more turns of the technology wheel before it will be practical, or higher oil prices.
I wonder how long the American public is going to put up with the Democrat lies of no drilling in the USA, meanwhile the clarion cry of energy independence. We have more than enough energy resources right now to be totally energy independent. It’s the biggest scam ever.
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