BP drills ‘giant’ oil well

Full Story at money.cnn.com

NEW YORK (CNNMoney.com) — BP has drilled one of the deepest oil reservoirs ever discovered, the company said Wednesday.

The Tiber well, located about 250 miles southeast of Houston in the Gulf of Mexico, was drilled about 35,055 feet deep, BP (BP) said. The energy giant is the largest producer of oil and gas in the Gulf, at 400,000 barrels per day.

Further evaluation is needed in order to determine the value of the well, BP said.

The well is BP’s second significant discovery in the so-called “lower tertiary” area in the Gulf of Mexico, and it found oil in multiple reservoirs, said Andy Inglis, a BP chief executive, in a written statement.