Sept. 2 (Bloomberg) -- BP Plc, Europe’s second-largest oil company, reported a "giant" discovery at the Tiber Prospect in the U.S. Gulf of Mexico that may contain more than 3 billion barrels, sending its shares higher.I think this bit from CNBC is interesting:
The well is located in Keathley Canyon block 102, about 250 miles (400 kilometers) south east of Houston, the London-based company said today in a statement. The Tiber well was drilled to a total depth of approximately 35,055 feet (10,685 meters), greater than the height of Mount Everest.
The Gulf of Mexico has become increasingly important to Western oil majors as oil rich-countries such as Saudi Arabia, Venezuela and Russia increasingly reserve their richest fields to be developed by their state-owned oil companies.Unlike Saudi Arabia, Venezuela and Russia, "big oil" companies must provide open and honest reporting of their reserves. We do not know what reserves the petrothugs have and it is in their interest that there's a perceived shortage. For the petrothugs, peak oilers are useful idiots.