A Billion Barrels Winning For BP

BP next-generation technology is bearing its fruits to a new tune a billion barrels of oil.

The discovery of the billion barrels of crude at the current oilfield located in the Gulf of Mexico, has been announced with two new offshore oil discoveries and a major new investment nearby the field.

BP has the biggest monopoly in the Gulf of Mexico, with this discovery it keeps on reigning over the area.

BP now expects its fuel output in the region to reach 400,000 barrels of oil per day (bopd) in the middle of the next decade. It is producing right now 300,000 bopd, less than 200,000 bopd from five years ago.

 The company has spent $1.3 billion to develop a third phase of its Atlantis field off the coast of New Orleans. Schedule to start production in 2020, with eight new wells. It will add 38,000 bpd to BP’s production at Atlantis.

The decision came after BP found another 400 million barrels of oil at the field.

BP made the massive 1 billion-barrel discovery at its Thunder Horse field off the tip of Louisiana.

The discovery was credited with the investment in advanced seismic technology and data processing for speeding up the company ability to confirm the discoveries at the Atlantis and Thunder Horse fields. Investing in new technologies is helping the analysis process that used to take a year but now it can be done in few weeks.

New discoveries located at the northeast of the Thunder Horse near its Na Kika Platform have also been announced.

BP is planning to develop reservoirs at its Manuel prospect, where Shell holds a 50 percent stake. Oil was also found Nearly Headless Nick prospect near Na Kika, where BP has a 20.25 percent working interest.

It is a great start for BP this year, to be continued.