The well isn't dry yet

[RG]

http://www.news.com.au/heraldsun/sto...005961,00.html

Originally Posted by Herald Sun

BRITISH energy company BP has made a "giant" oil discovery in the Gulf of Mexico after drilling one of the industry's deepest-ever wells. "BP announced today a giant oil discovery at its Tiber Prospect in the deepwater Gulf of Mexico," the company said overnight.

"The Tiber well was drilled to a total depth of approximately 35,055 feet (10,685 metres) making it one of the deepest wells ever drilled by the oil and gas industry," it added.

The announcement sent BP's share price rising 3.4 per cent to 537.15 pence on London's benchmark FTSE 100 index, which was down 0.61 per cent nearing the close.

BP's discovery comes as the industry this week marks 150 years since crude was first recovered from a drilled well and days after Scottish group Cairn Energy began pumping oil in India as exploration in the North Sea dwindles.

The discovery is larger than BP's Kaskida find, which contains around three billion barrels, in the same geological area three years ago.

The industry definition of a "giant" oil find refers to a field from which more than 500 million barrels of oil or gas equivalent can be recovered. Much oil found is never extracted because bringing it to the surface is too expensive.

Energy groups are increasingly drilling in the Gulf of Mexico and elsewhere as North Sea oil fields dry up.

A decent find so yay for V8 drivers lol.