5 Sep 2009

Big oil find reported by BP

7:22 pm on 5 September 2009

BP says it has made a giant new oil discovery in its oilfields in the Gulf of Mexico.

The company will now do surveys to determine the field's size and commercial potential, but analysts believe there might be as much as a billion barrels there.

BP says the find should be bigger than its Kaskida discovery in the Gulf, which has over 3 billion barrels of oil in place.

Estimates of recoverable reserves range from around 20% of oil of the likely total amount.

BP is currently the largest producer of oil and gas in that area, with net production equivalent to more than 400,000 barrels of oil per day.