BP has Freedom deepwater find in Gulf of Mexico

BP America Inc. has discovered oil for the third time in the deepwater Gulf of Mexico and will appraise it to determine its size and commerciality.

Oct. 15, 2008

Uchenna Izundu
International Editor

LONDON, Oct. 15 -- BP America Inc. has discovered oil for the third time in the deepwater Gulf of Mexico and will appraise it to determine its size and commerciality.

The Freedom discovery, 70 miles southeast of Louisiana, is on Mississippi Canyon Block 948 in 6,100 ft of water. It follows BP finds in nearby Tubular Bells and Kodiak fields. The well reached 29,280 ft TD and encountered more than 550 net ft of hydrocarbon-bearing sands in Middle and Lower Miocene reservoirs.

"We believe that Freedom straddles Mississippi Canyon Block 948 (BP, operator) and Mississippi Canyon Block 992 (BHP, operator 32.25% and BP 67.75%)," said Andy Inglis, BP chief executive, E&P.

BP Exploration & Production Inc., a wholly owned subsidiary of BP America Inc., operates the exploration well on Block 948 with a 25% working interest. Its partners are Noble Energy Inc. with a 37.5% interest, Samson Offshore Co. 25%, and Marathon Oil Co. 12.5%.

Noble Energy and Samson Offshore acquired the lease at federal OCS Lease Sale 198 in March 2006.

Contact Uchenna Izundu at [email protected].