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Business Briefing / Petroleum

BP finds big deposit deep under gulf

September 03, 2009|Times Wire Reports

Nearly seven miles below the Gulf of Mexico, oil company BP has tapped into a vast pool of crude after digging the deepest oil well in the world.

The Tiber Prospect is expected to potentially produce half as much crude in a day as Alaska's North Slope oil field.

The company's chief of exploration estimated that the Tiber deposit holds oil and natural gas equivalent to 4 billion to 6 billion barrels of crude.

That would be enough to satisfy U.S. demand for crude for nearly one year. But BP does not yet know how much it can extract.

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