BP, the UK energy group, has discovered a “giant” oil field in the Gulf of Mexico that shows a new frontier opening up for US oil production.
The Tiber field, in more than 1,200m of water about 250 miles south-east of Houston, is one of the biggest discoveries in recent years. It is thought to hold at least 3bn barrels of oil – of which about 500m would be recoverable with today's technology – and could be significantly larger.
The field was found by the deepest oil well ever drilled, reaching more than 9.4km – almost six miles – below the sea bed.
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