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

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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