A deepwater exploration well in the Gila prospect in the Gulf of Mexico looks like a success for ConocoPhillips. The company announced the discovery on Wednesday, and said that it will continue drilling to determine its complete size.
The new discovery was made at a depth of 29,221 feet under 4,900 feet of water. The field is approximately 300 miles southwest of New Orleans, and COP holds a 20 percent working interest in the well, which is operated by BP (NYSE: BP)
Abner Spraberry’s Trillion Dollar Legacy
If there’s only a single name in shale gas that you know, it’s Bakken. But there’s much heavier activity in West Texas. In fact, the heaviest drilling in the world is in the Permian basin, and we’ve uncovered a small company that is uniquely poised to take advantage of the 30 million barrel reserve there.