BP said it's made a giant oil discovery, at its Tiber Prospect in the deepwater Gulf of Mexico. The well, located in Keathley Canyon block 102, approximately 250 miles south east of Houston, 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 company said. The well found oil in multiple Lower Tertiary reservoirs. Appraisal will be required to determine the size and commerciality of the discovery. Tiber is operated by BP, with a 62% working interest with co-owners Petrobras , which has 20%, and ConocoPhillips , which has 18%.
Disclosure I am long BP shares.
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