DNN Daily News Network

Under-reported news! We scour the news so you don't have to!

(MONEY) READ: BP Discovers Huge Oil Store in Gulf of Mexico…

leave a comment »

i.telegraph.co.uk__oil-rig-404_673814c(Newser Summary) – BP discovered a massive oil cache under the Gulf of Mexico after drilling the world’s deepest exploration well, Bloomberg reports. The discovery at Tiber Prospect may hold reserves equivalent to 3 billion barrels. In order to find it, BP engineers drilled to a total depth of 35,055 feet—taller than Mount Everest.

Although the find will take years to develop, it is expected to increase BP’s output in the Gulf by 50%, to 600,000 barrels a day after 2020. “What today’s announcement proves is that BP is a very, very successful explorer,” said an industry analyst. “They’ve opened up the whole area for discoveries.”

Nick McMaster

Source: Bloomberg

Written by dnnnewshound

September 2, 2009 at 6:38 pm

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: