Oil company finds hidden trove of oil in Gulf of Mexico

HOUSTON (AP) — British oil company BP has discovered 200 million barrels of oil in a hidden cache in the Gulf of Mexico thanks to advanced imaging of geological formations.

The Houston Chronicle (http://bit.ly/2oA0ouk ) reports the oil reserve about 150 miles from New Orleans is potentially worth $2 billion in recoverable oil.

The oil reserves were discovered with the help of a new supercomputer and mathematical algorithm to interpret the seismic data, which oil companies use to map features below the earth, in a new way. The technological advancement let scientists see beyond a salt dome, which distorts seismic waves.

The imaging could save drillers hundreds of millions of dollars in false starts and dry wells, and also prevent them from missing oil.

- FWBP Digital Partners -

The company is now assessing how to start drilling.


Information from: Houston Chronicle, http://www.houstonchronicle.com