BP has announced a so-called "giant" oil discovery in the ultra-deep waters of the Gulf Mexico that might contain more than 3 billion barrels of oil. The discovery was made at the Tiber Prospect, which is about 250 miles southeast of Houston. As reported by Bloomberg, the well is the world's deepest exploratory well, drilled down to 35,055 feet, a distance that's greater than the height of Mount Everest.

BP spokesman Robert Wine was quoted as saying, "This is a whole new geological play we've got here."

The well was drilled in the Lower Tertiary, also called the Paleogene, region of the Gulf, which is believed to be 24- to 65-million years old. ExxonMobil and Chevron also are drilling wells in the formation.

Just a few years ago, no one would have believed it was possible for a drill bit t... more »

Yesterday, Chevron U.S.A. Inc. announced that the Discoverer Clear Leader--an ultra-deepwater drillship newly built to Chevron's specifications--has begun work in the deepwater U.S. Gulf of Mexico, allowing Chevron to expand its search for new domestic sources of energy.

The state-of-the-art vessel is capable of drilling wells in 12,000 feet (3,650 meters) of water to a total depth of 40,000 feet (12,200 meters), surpassing the limits of previous technology. Chevron is one of the top lease holders and producers in the deepwater Gulf of Mexico. The company holds the current world water-depth drilling record of 10,011 feet (3,051 meters) of water in the Gulf.

Watch the ultra-deepwater drilling animation, and station-keeping animation showing how satellite signals and acoustic beacons on the... more »