BP Amoco Announces Four Major Deepwater Finds

BP Amoco announced four significant oil discoveries in the deepwater Gulf of Mexico, including the largest made to date by any company. These major exploration successes add to an already significant reserves base in the deepwater Gulf and demonstrate BP Amoco's leading position in this technically challenging area. Largest of the discoveries is the Crazy Horse prospect, located in 6,000 ft. water depth in the Boarshead basin, 125 miles south-east of New Orleans. With estimated recoverable oil of at least one billion barrels of oil equivalent (boe), it is the biggest discovery ever in the Gulf deepwater. BP Amoco is operator and holds a 75 percent interest. Partner Mobil holds 25 percent equity. The other three discoveries are located in water depths varying from 4,000 to 6,500 ft. in the Southern Green Canyon area of the Gulf, 150 miles south of New Orleans. Each of these prospects is also operated by BP Amoco. The discoveries and the partners are: Atlantis (BP Amoco 56 percent, BHP 44 percent); Mad Dog (BP Amoco 63.56 percent, BHP 11.44 percent, UNOCAL 25 percent); and Holstein (BP Amoco 50 percent, Shell 50 percent). For BP Amoco these three discoveries add around 600 million boe net additional reserves in the Southern Green Canyon Area.