BP strikes oil in the Gulf of Mexico

It's the first major discovery since the ban on deepwater drilling was lifted

Topics: BP, Gulf Oil Spill, Gulf of Mexico, Oil Drilling, , ,

BP, which is back and drilling more aggressively than ever in the Gulf of Mexico, made its first “significant oil discovery,” the company announced Wednesday.

It’s the first major find since regulators lifted a five-month ban on drilling following the 2010 Deepwater Horizon explosion. The oil was discovered at a significant depth at its Gila exploration well, which is located about 300 miles southwest of New Orleans.



The company says that 2013 has been its most successful year for oil exploration in almost a decade. It investigated 15 wells, making seven potentially commercial discoveries. “The successes and opportunities now being delivered through our increased exploration activity confirm our confidence in our ability to sustain BP’s resource base,” said Lamar McKay, head of its exploration and production arm, in a statement.

BP plans to spend spend about $4 billion a year over the next decade on further exploration — a number, the Guardian notes, roughly equivalent to the amount it’s set aside for cleanup costs, fines and compensation from the disaster that killed 11 people and spilled millions of gallons of oil into the Gulf.

Lindsay Abrams

Lindsay Abrams is an assistant editor at Salon, focusing on all things sustainable. Follow her on Twitter @readingirl, email labrams@salon.com.

More Related Stories

Featured Slide Shows

  • Share on Twitter
  • Share on Facebook
  • 1 of 7
  • Close
  • Fullscreen
  • Thumbnails
    Dinah Fried

    Famous literary meals

    "Fear and Loathing in Las Vegas" by Hunter S. Thompson

    Dinah Fried

    Famous literary meals

    "Alice's Adventures in Wonderland" by Lewis Carroll

    Dinah Fried

    Famous literary meals

    "Moby Dick" by Herman Melville

    Dinah Fried

    Famous literary meals

    "The Bell Jar" by Sylvia Plath

    Dinah Fried

    Famous literary meals

    "The Catcher in the Rye" by J.D. Salinger

    Famous literary meals

    "The Metamorphosis" by Franz Kafka

  • Recent Slide Shows

Comments

Loading Comments...