BP, the UK energy group, has discovered a ‘giant oilfield in the Gulf of Mexico that shows a new frontier opening up for US oil production. The Tiber field, in more than 1,200m of water about 250 miles south-east of Houston, is one of the biggest discoveries in recent years. It is thought to hold at least 3bn barrels of oil – of which about 500m would be recoverable with today’s technology – and could be significantly larger. The field was found by the deepest oil well ever drilled, reaching more than 9.4km – almost six miles – below the sea bed. BP is pioneering the exploration of the Lower Tertiary or Paleogene area of the Gulf of Mexico, which lies deeper than the strata that provide most of the region’s known reserves. The Tiber discovery, following the Kaskida field found in 2006 – which is also believed to hold 3bn-plus barrels of oil – is further evidence that there are large volumes yet to be found in the Gulf. BP believes there could be a further 20bn barrels or more in the deep water, on top of the US’s proved reserves of about 30bn […]