BP Discovers 200 Million Barrels of Oil in Gulf of Mexico

BP (BP) has discovered 200 million barrels of oil in a hidden reserve located in the Gulf of Mexico thanks to its advanced imaging of geological formations, the Houston Chronicle reports.

The oil reserve is located about 150 miles from New Orleans and is potentially worth $2 billion in recoverable oil.

The reserve was located using BP's new supercomputer and mathematical algorithm that interprets seismic data, which oil firms utilize to map points below the earth.

Shares of BP were lower during the final hour of trading on Thursday. 

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)

More from Stocks

Investors Face Growing Opportunities and Challenges in Cannabis

Investors Face Growing Opportunities and Challenges in Cannabis

J.C. Penney Shares Have Plunged 64% Since Quant Ratings Downgrade

J.C. Penney Shares Have Plunged 64% Since Quant Ratings Downgrade

The 'Fear of Missing Out' Is Missing

The 'Fear of Missing Out' Is Missing

Bye, Bye, Bye Sears: The Week Ahead

Bye, Bye, Bye Sears: The Week Ahead

Stocks Slip on Saudi Tensions, Trade Woes; Sears Goes Bankrupt

Stocks Slip on Saudi Tensions, Trade Woes; Sears Goes Bankrupt