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Exxon, BP gauge deepwater Gulf of Mexico strike

March 17, 1997

Exxon Corp. and BP Exploration Inc. last week disclosed a significant discovery in ultradeep water of the Gulf of Mexico. Called Hoover, the find is in 4,795 ft of water, about 165 miles south of Galveston, Tex., and about 15 miles southeast of Exxon's and BP's Diana discovery (OGJ, May 27, 1996, p. 24). Hoover covers Alaminos Canyon Blocks 25 and 26 and may contain more than 100 million bbl of oil equivalent (BOE). Hoover tapped more than 100 ft of net hydrocarbon pay, Exxon said.

Exxon Corp. and BP Exploration Inc. last week disclosed a significant discovery in ultradeep water of the Gulf of Mexico.

Called Hoover, the find is in 4,795 ft of water, about 165 miles south of Galveston, Tex., and about 15 miles southeast of Exxon's and BP's Diana discovery (OGJ, May 27, 1996, p. 24).

Hoover covers Alaminos Canyon Blocks 25 and 26 and may contain more than 100 million bbl of oil equivalent (BOE). Hoover tapped more than 100 ft of net hydrocarbon pay, Exxon said.

Exxon, operator of Hoover and Diana, holds a 66.7% working interest in the discoveries. BP holds the remainder. Diana's reserves are estimated to be as much as 350 million BOE.

Development options are under review for Hoover and Diana.

Exxon is considering using a floating production system. If this occurs, Exxon said it would set a world water depth record for a floating production system.

Production could begin in 2000.

In addition to interests in the Alaminos Canyon area blocks, Exxon and BP have 33 other blocks under lease in the vicinity of the discoveries, owned either jointly or separately.