BP PLC (BP.LN), a producer of oil and gas, Wednesday announced the drilling of a successful appraisal well in a previously untested northern segment of the Mad Dog field in the U.S Gulf of Mexico, adding that pending confirmation through future appraisal drilling, the total hydrocarbons initially in place in the complex are now estimated to be up to four billion barrels of oil equivalent.
BP PLC (BP.LN), a producer of oil and gas, Wednesday announced the
drilling of a successful appraisal well in a previously untested northern
segment of the Mad Dog field in the U.S Gulf of Mexico, adding that pending
confirmation through future appraisal drilling, the total hydrocarbons
initially in place in the complex are now estimated to be up to four billion
barrels of oil equivalent.
MAIN FACTS:
-The well results confirm a significant resource extension for the Mad Dog
Field complex, which includes the existing field, in production since 2005, and
appraisal drilling of the Mad Dog South field in 2008 and 2009.
-The well, drilled by BHP Billiton PLC (BLT.LN) on behalf of the unit operator
BP, is located on Gulf of Mexico Green Canyon block 738 140 miles south of
Grand Isle, LA., in about 4,500 feet of water.
-The well encountered about 166 net feet of hydrocarbons in the objective
Miocene hydrocarbon-bearing sands and discovered an oil column of more than 300
feet.
-BP maintains a 60.5% working interest in Mad Dog; BHP Billiton has a 23.9%
interest; Chevron Corporation (CVX), through its Union Oil Company of
California, has a 15.6% interest.
-Due to the materiality of the Mad Dog South finds in 2009, BP has been
advancing development options to increase production from Mad Dog by adding
another spar production facility with a production capacity of 120,000-140,000
barrels of oil equivalent per day.
-in the U.S. Gulf of Mexico with net production of over 250,000 barrels of oil
equivalent.
-BP is progressing eleven
Gulf of Mexico
projects: Atlantis Phases 2 and 3, Kaskida, Mars B, Galapagos, Na Kika Phases 3
and 4, Freedom, Mad Dog Phase 2, Mad Dog North and
Tiber
.
-BP shares at 1240 GMT up 10 pence, or 2.6%, at 381 pence, valuing the company
at GBP72.21 billion.
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