ConocoPhillips reports fourth deepwater GoM discovery

ConocoPhillips

ConocoPhillips (NYSE:COP) has made a significant oil discovery at its Gila prospect in the deepwater US Gulf of Mexico. The company holds a 20% working interest in the Gila well, operated by BP (NYSE: BP).

“Gila is the company’s fourth deepwater Gulf of Mexico Paleogene discovery, and it demonstrates the potential of our growing conventional exploration program,” said Larry Archibald, senior vice president of exploration. “We have built a significant Gulf of Mexico deepwater acreage position and achieved success with discoveries at Tiber, Shenandoah, Coronado and Gila, validating our exploration strategy in the prolific Lower Tertiary trend.”

The Gila discovery was made by an exploration well on Keathley Canyon Block 93, about 300 miles southwest of New Orleans, Louisiana, in approximately 4,900 feet of water. The well was drilled to a depth of 29,221 feet, penetrating multiple Paleogene-aged reservoir sands. Further drilling will be required to determine the ultimate size of the discovery and to test the potential for material additional pay in deeper zones not penetrated in the discovery well.

The company holds an interest in 454 Gulf of Mexico deepwater blocks covering approximately 2.2 million net acres, primarily focused on the Lower Tertiary trend in the central and western Gulf. Currently, exploration drilling is underway at the Deep Nansen prospect (East Breaks Block 602, 12.5% working interest). In 2014, the company expects to initiate a multi-well operated drilling program.

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