BP (BP - Get Report) 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.
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