British energy giant BP says it has made a 'giant' oil discovery in the Gulf of Mexico after drilling one of the industry's deepest wells.
'BP announced today a giant oil discovery at its Tiber Prospect in the deep water Gulf of Mexico,' the company said in a statement. BP drilled the well to a depth of around 35,000 feet (10,685m).
BP's discovery comes as the industry this week marks 150 years since crude was first drilled and days after Scottish group Cairn Energy began pumping out oil in India as exploration in the North Sea dwindles.
'Appraisal will be required to determine the size and commerciality of the discovery,' BP said of its latest find.
BP operates Tiber, due to its 62% stake in the well. Its co-owners are Brazilian oil giant Petrobras, with a 20% interest, and US group ConocoPhillips with 18%.
BP says it is the biggest producer of oil and gas in the Gulf of Mexico with net production of more than 400,000 barrels of oil equivalent per day.
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