BP Is Back to Drilling in the Gulf of Mexico
BP (NYSE:BP) has returned to drilling in the Gulf of Mexico more than three years after the 2010 Deepwater Horizon spill that caused billions of dollars in damage and forced the government to shut down drilling in the Gulf for six months.
The Tiber oil prospect in the Gulf of Mexico was discovered by BP in 2009 and is believed to hold up to 3 billion barrels of oil. The field is located next to BP’s Kaskida field in the Gulf oil deposit known as the Lower Tertiary trend. According to a report from Reuters, this area is the deepest and most challenging area in the Gulf to drill, but also potentially the most rewarding, as it’s estimated the area could contain 15 billion barrels of oil.
Reuters said BP confirmed it began drilling in the Tiber on August 3. ConocoPhillips (NYSE:COP), which is a minority partner in the project, revealed details on the project to analysts during a presentation in New York.