Oil company makes major oil find in Gulf

By Michael Addison -  email

LAKE CHARLES, LA (KPLC) - Nearly seven miles below the Gulf of Mexico, the British oil company BP has tapped into a vast pool of crude after drilling the deepest oil well in the world.

The Tiber Prospect is expected to rank among the largest petroleum discoveries in the United States, potentially producing half as much crude in a day as Alaska's famous North Slope oil field.

The company's chief of exploration estimates the Tiber deposit holds between 4 billion and 6 billion barrels of oil, which includes natural gas.

That would be enough to satisfy U.S. Demand for crude for nearly one year, but BP doesn't yet know how much it can extract.

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