BP finds more oil in US Gulf of Mexico field
Baku, September 8 (AZERTAC). British oil giant BP announced Wednesday a major oil find in the US Gulf of Mexico that it said underscores the development potential of the region.
An appraisal well drilled in an untested northern segment of the Mad Dog field found "a significant resource extension" for the Mad Dog Field complex, which includes the existing field, BP said in a statement.
An appraisal well drilled in an untested northern segment of the Mad Dog field found "a significant resource extension" for the Mad Dog Field complex, which includes the existing field, the companies said.
Pending confirmation of the drilling results, the companies estimated total hydrocarbons initially in place in the Mad Dog field complex to be up to four billion barrels of oil equivalent.
BHP Billiton drilled the well on behalf of unit operator BP. BP has a 60.5 per cent working interest in Mad Dog; BHP Billiton has a 23.9 per cent interest; and Chevron has a 15.6 per cent interest.
"The additional hydrocarbon resources north of the main field establish Mad Dog as a giant field," BHP Billiton petroleum chief executive J. Michael Yeager said:
"We will be working with BP to evaluate development options to quickly bring these resources to market."
BHP shares were up 22c to $38.45 at 8.45am.
BP group chief executive Bob Dudley said: "With these additional hydrocarbon resources north of the main field, Mad Dog has been firmly established as a giant field in BP`s Gulf of Mexico portfolio, rivalling Thunder Horse in size of resource."
"Coupled with the recent exploration success at the discovery at the Moccasin prospect… the Mad Dog result re-emphasizes the exploration and development potential of the Gulf of Mexico and the region`s ability to continue to deliver material projects for BP," Dudley said.
On Tuesday, Chevron announced a new oil discovery at the Moccasin prospect it co-owns with BP in the US Gulf of Mexico off the coast of Louisiana.
Chevron and BP each hold a 43.75 per cent stake in the prospect, while Samson Offshore Company has a 12.5 per cent interest.
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