UK-based energy group BP has discovered a major new oilfield in the Gulf of Mexico.
The Tiber field, which lies 250 miles south-east of Houston, is estimated to hold around 3 billion barrels of oil equivalent, including natural gas, and counts as one of the largest finds in recent years.
Crude from the field would be enough to meet US demand for a whole year; however, it may only be possible to extract a fraction of the total reserves.
The find further confirms the area off the southern US coastline as one of the most promising exploration regions in the world.
The field was discovered after BP drilled the deepest well in the world, around 9.4 kilometres, or six miles, below the sea bed.
BP is currently the largest producer in the Gulf of Mexico region, pumping around 400,000 barrels of oil equivalent per day.
The estimated cost of drilling the well would have been around $200 million, according to industry analysts.
It is thought that the Tiber could produce as much crude as half of AlaskaÔÇÖs famous North Slope field.
The Gulf area is known as the ÔÇ£lower tertiaryÔÇØ region, which refers to a section of rock measuring around 300 square miles. Oil giant Chevron, one of the first to drill wells there in 2001, estimates that the region holds anywhere between 3 billion and 15 billion barrels of oil equivalent.
BP holds a 62 per cent interest in the Tiber well, with Petrobas owning 20 per cent and ConocoPhillips the remaining 18 per cent.
It is likely to be several years before production commences.
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