BP calls deep water oil discovery 'giant'

Sept. 2, 2009 at 1:09 PM

LONDON, Sept. 2 (UPI) -- British energy giant BP said it had discovered a major, deep water oil pocket under the Gulf of Mexico, 250 miles east of Houston.

BP called it a "giant" discovery. While the find requires further assessment, the new drill site "support(s) the continuing growth of our deep water Gulf of Mexico business into the second half of the next decade," Andy Inglis, BP's chief executive officer of exploration and production, said.

BP shares rose 2.85 percent after the announcement was made, The Times of London reported.

BP said the well, under 4,132 feet of water in the gulf's Keathley Canyon, was "one of the deepest ... ever drilled by the oil and gas industry."

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