BP Makes 'Giant' Gulf of Mexico Oil Find

BP said it made a 'giant' oil discovery at a well in the deepwater Gulf of Mexico. An appraisal is needed to determined the well's commercial prospects.
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Updated from 5:57 a.m. EDT

NEW YORK (

TheStreet

) --

BP

(BP) - Get Report

said it made a "giant" oil discovery at a well in the deepwater Gulf of Mexico but an appraisal is needed to determine the size of the discovery and its commercial prospects.

The well is about 250 miles southeast of Houston and is in 4,132 feet of water.

The Tiber well was drilled to a total depth of about 35,055 feet, making it one of the deepest wells ever drilled by the oil and gas industry, according to BP. The oil company said the well found oil in multiple "lower tertiary" reservoirs.

BP said it's the second "material discovery" in the emerging lower tertiary play in the Gulf of Mexico.

"These material discoveries together with our industry leading acreage position support the continuing growth of our deepwater Gulf of Mexico business into the second half of the next decade," BP said in a statement.

Tiber is operated by BP, which has a 62% working interest,

Petrobras

(PBR) - Get Report

, which has a 20% interest, and

ConocoPhillips

(COP) - Get Report

, with 18%.

-- Reported by Joseph Woelfel in New York

.

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