LONDON--Integrated oil and gas company BP PLC (BP.LN), said
Wednesday it has made a significant oil discovery at its Gila
prospect, which it co-owns with ConocoPhillips (COP), in the
deepwater US Gulf of Mexico.
Appraisal drilling, including completion of drilling through the
Paleocene section, will be required to determine the size and
potential commerciality of the discovery, BP said.
The Gila discovery was made by an exploration well on Keathley
Canyon Block 93, about 300 miles southwest of New Orleans, in 4,900
feet of water. BP owns a majority interest in the Gila
discovery.
BP said the well, which penetrated multiple Paleogene-aged
reservoir sands, was drilled to a total depth of 29,221 feet.
Mike Daly, BP's global head of exploration, said: "Gila
continues our successful drill out of the prolific Paleogene play
system in the deepwater Gulf of Mexico."
"Subject to successful appraisal, Gila, Tiber and Kaskida
together offer the potential for significant future oil
developments in the Keathley Canyon area," he added.
BP shares closed Tuesday at 465 pence, valuing the company at
GBP86.72 billion ($141.3 billion).
Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
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