First the good news and that is British Petroleum has found a giant crude oil field in the Gulf of Mexico.
It may be one of the biggest oil finds of the year, if not the decade. In recent weeks, executives at BP’s exploration centers in Houston and London have been closely tracking the progress of a very deep well that BP contractors were drilling into the seabed of the western Gulf of Mexico. In late August the exploratory well, known as Tiber, was completed. On Sept. 2, BP announced that it had made "a giant oil discovery." BP’s chief of exploration, Michael Daly, terms the Tiber find "very significant" and says it is even "better" than the Kaskida field, another huge BP property in the Gulf of Mexico, with an estimated 4 billion to 6 billion barrels of oil in place.
Of course the bad news is that this isnâ€™t exactly a Jed Clampett type discovery which he discovered while shooting some possum in Arkansas. This is oil that is in the deepwater Gulf. So you have to go down a couple of miles of water and then a couple of miles of rock to get it. The Tiber well is the worldâ€™s deepest. Itâ€™s the kind of oil you donâ€™t go looking for if you arenâ€™t running out of oil elsewhere in the world and it isnâ€™t the kind of project you undertake unless you expect to have high oil prices for a very long time.