BP Amoco Announces Four Major Deepwater Finds in Gulf of Mexico

abarrelfullabarrelfull wrote on 08 Aug 2012 05:29
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15 July 1999
BP Amoco today announced four significant oil discoveries in the deepwater Gulf of Mexico, including the largest made to date by any company.

These major exploration successes add to an already significant reserves base in the deepwater Gulf and demonstrate BP Amoco's leading position in this technically challenging area.

Largest of the discoveries is the ‘Crazy Horse' prospect, located in 6,000 feet water depth in the Boarshead basin, 125 miles south-east of New Orleans, Louisiana. With estimated recoverable oil of at least one billion barrels of oil equivalent (boe), it is the biggest discovery ever in the Gulf deepwater. BP Amoco is operator and holds a 75% interest. Partner Mobil holds 25% equity.

The other three discoveries are located in water depths varying from 4,000 feet to 6,500 feet in the Southern Green Canyon area of the Gulf, 150 miles south of New Orleans. Each of these prospects is also operated by BP Amoco. The discoveries and the partners are: ‘Atlantis' (BP Amoco 56%, BHP 44%); ‘Mad Dog' (BP Amoco 63.56%, BHP 11.44%, UNOCAL 25%); and ‘Holstein' (BP Amoco 50%, Shell 50%).

For BP Amoco these three discoveries add around 600 million boe net additional reserves in the Southern Green Canyon Area.

Steve Peacock, VP Exploration for BP Amoco, Gulf of Mexico, said: "These four new discoveries are very exciting and will establish two additional BP Amoco production centres in the Gulf. Added to our existing production, new developments and previously announced discoveries, BP Amoco's total net reserve base in the deepwater Gulf will be some 2.5 billion boe - around 30% of all deepwater Gulf reserves discovered to date. And additionally we have significant shares of similar prospects nearby.

"The successes achieved are due in large part to our focused exploration strategy, and consistent and steady presence over a number of years in the deepwater Gulf. While there are many technological challenges working in this area, because of our successful track record, we are confident of a very promising future."

BP Amoco is the largest acreage holder in the deepwater Gulf with more than 750 gross blocks in water depths greater than 1,500 feet. The company currently produces 150,000 boe a day from six fields, or around one-fifth of the industry's total production in the deepwater Gulf. The company's two main current deepwater production areas are in the Central Gulf - one concentrated around the Shell-operated Ram Powell and BP Amoco's Pompano fields, and the other around the Shell-operated Mars and Ursa fields.

In addition, BP Amoco has a further four fields under development - Marlin (BP Amoco-operated), Europa (Shell-operated), Diana and Hoover (Exxon-operated). These will take the company's net Gulf of Mexico deepwater production to around 250,000 boe a day by the end of the year 2000. BP Amoco's total Gulf of Mexico reserves, including the Shelf, is three billion boe.

Notes

BP Amoco already operates Pompano (a fixed platform in 1,500 feet) and Troika (a subsea development in 2,700 feet), and will operate the Marlin Tension Leg Platform (TLP) in 3,200 feet, due to start up later this year. In addition, BP Amoco are non-operating partners in three producing TLPs (Mars, Ursa, Ram Powell), and in a spar under development for Diana and Hoover.

The Troika subsea well holds the record for production from a single well - over 40,000 boe a day. This breadth and variety of experience makes BP Amoco well placed for taking the next step into 6,000 feet water depth.


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