CNBC, 8 January 2019
BP discovers 1 billion barrels of oil at its Thunder Horse field in the Gulf of Mexico.
The oil giant also says it will spend $1.3 billion to develop a third phase of its Atlantis offshore field south of New Orleans.
BP credits its investment in advanced seismic technology for speeding up its ability to confirm the discoveries.
BP’s investment in next-generation technology just paid off to the tune of a billion barrels of oil.
The British energy company has discovered 1 billion barrels of crude at an existing oilfield in the Gulf of Mexico. BP also announced two new offshore oil discoveries and a major new investment in a nearby field.
BP is the Gulf of Mexico’s biggest producer, and it’s making strides to hold that title.
BP now expects its fossil fuel output from the region to reach 400,000 barrels of oil equivalent per day by the middle of the next decade. Today, it produces about 300,000 boepd, up from less than 200,000 boepd about five years ago.
Executives are crediting their investment in advanced seismic technology and data processing for speeding up the company’s ability to confirm the discoveries at Atlantis and Thunder Horse. BP says it once would have taken a year to analyze the Thunder Horse data, but it now takes just weeks.