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| Version 1 | Version 2 |
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| BP in 'giant' new oil discovery | BP in 'giant' new oil discovery |
| (about 7 hours later) | |
| Oil giant BP says it has made a "giant" new oil discovery in its fields in the Gulf of Mexico. | Oil giant BP says it has made a "giant" new oil discovery in its fields in the Gulf of Mexico. |
| BP is currently the largest producer of oil and gas in that area, with net production equivalent to more than 400,000 barrels of oil a day. | BP is currently the largest producer of oil and gas in that area, with net production equivalent to more than 400,000 barrels of oil a day. |
| The company said it drilled the well, dubbed Tiber, to a total depth of about 35,055ft (10,685m), making it one of the deepest wells drilled to date. | The company said it drilled the well, dubbed Tiber, to a total depth of about 35,055ft (10,685m), making it one of the deepest wells drilled to date. |
| BP shares rose 4.3% to £5.41, making it the biggest gainer in the FTSE 100. | |
| Potentially huge | Potentially huge |
| Tiber represents BP's second material discovery in the Lower Tertiary area of the Gulf of Mexico, after Kaskida. | Tiber represents BP's second material discovery in the Lower Tertiary area of the Gulf of Mexico, after Kaskida. |
| BP said the discovery, amounting to more than three billion barrels, would "support the continuing growth of our deepwater Gulf of Mexico business into the second half of the next decade". | BP said the discovery, amounting to more than three billion barrels, would "support the continuing growth of our deepwater Gulf of Mexico business into the second half of the next decade". |
| The oil firm will now undertake surveys to determine the oil field's size and commercial potential. | The oil firm will now undertake surveys to determine the oil field's size and commercial potential. |
| The industry-wide definition for a "giant" discovery is at least 250 million barrels of oil "in place", or in other words, the likely total amount, BP spokeswoman Sheila Williams said. | The industry-wide definition for a "giant" discovery is at least 250 million barrels of oil "in place", or in other words, the likely total amount, BP spokeswoman Sheila Williams said. |
| But usually, only as much as 30% is extracted from the ground in practice, she said. | But usually, only as much as 30% is extracted from the ground in practice, she said. |
| BP first started drilling in the Tiber well in March. | BP first started drilling in the Tiber well in March. |
| The oil firm controls 62% of the Tiber, along with 20% held by the Brazilian state-controlled company Petrobras and US firm ConocoPhillips with 18%. | The oil firm controls 62% of the Tiber, along with 20% held by the Brazilian state-controlled company Petrobras and US firm ConocoPhillips with 18%. |
| It has nine projects in various stages of development in the Gulf of Mexico. | It has nine projects in various stages of development in the Gulf of Mexico. |