Is there more Oil in the Gulf Of Mexico than first thought?

Is there more Oil in the Gulf Of Mexico than first thought?

13 Feb 2019

Dirextra Ltd

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This informal CPD article was created by Dirextra who provide training for the construction infrastructure and engineering sector.

Oil in the Gulf of Mexico

While many of the world’s largest onshore and offshore oil fields are reducing production in an effort to tighten reserves, BP just discovered more than a billion barrels of oil in the Gulf of Mexico at their Thunder Horse oil field. Thanks to next-generation oil and gas sector technology, the British energy company recently discovered more than 1 billion barrels of crude at one of their existing oilfields in the Gulf of Mexico. With the find, came the announcement that BP also found two new offshore oil discoveries as well as beginning a large scale investment in a nearby field. This is big news for the Gulf of Mexico’s largest oil producer and they owe it to an investment the company made in new technology designed specifically for the oilfield research industry.

An increase in fossil fuel output

This new discovery will increase BP’s fossil fuel output to more than 400,000 barrels of oil per day, up from 300,000 by the middle of the next decade. That would make their output a total increase of 200,000 additional barrels over figures from just 5 years ago. Production of the new oil discovery is set to begin in 2020 and will cost $1.3 billion to develop. That price tag will include eight new wells added to their Atlantis oil field.

The Technology That Found The Oil

BP used advanced seismic technology and data processing which enabled the company to confirm its oil discoveries at both Atlantis and Thunder Horse. This technology enabled the company to do what would have taken more than a year in just weeks saving BP time and money and protecting the environment during the research phase of their operation.

When asked about the find and what he thought about the advanced seismic technology, BP’s Chief Executive for Production and Exploration, Bernard Looney stated, “We are building on our world-class position, upgrading the resources at our fields through technology, productivity and exploration success”

Other Noteworthy Finds

Along with the discoveries at Thunder Horse and Atlantis, BP also announced additional oil finds near their Nearly Headless Nick prospect near the company’s Na Kika platform. These new oil discoveries will help ensure the future sustainability of the industry as well as securing BP’s position in the Gulf of Mexico.

We hope this article was helpful for more information from Dirextra please visit their Member Directory page. Or alternatively please visit the CPD Industry Hubs for more Continuing Professional Development resources.

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Dirextra Ltd

Dirextra Ltd

For more information from Dirextra Ltd, please visit their CPD Member Directory page. Alternatively please visit the CPD Industry Hubs for more CPD articles, courses and events relevant to your Continuing Professional Development requirements.

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