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BP has drilled one of the deepest oil wells ever discovered, the company said Wednesday.
The Tiber well, located about 250 miles southeast of Houston in the Gulf of Mexico, was drilled about 35,055 feet deep, BP (BP) said. The energy giant is the largest producer of oil and gas in the Gulf, at 400,000 barrels per day.
Further evaluation is needed in order to determine the value of the well, BP said.
The well is BP's second significant discovery in the so-called "lower tertiary" area in the Gulf of Mexico, and it found oil in multiple reservoirs, said Andy Inglis, a BP chief executive, in a written statement.
"These material discoveries together with our industry leading acreage position support the continuing growth of our deepwater Gulf of Mexico business into the second half of the next decade, Inglis said.
Tiber is operated by BP in partnership with co-owners Petrobras (PBR) and ConocoPhillips (COP, Fortune 500).
Oil prices: Crude climbed early Wednesday, snapping a three-day losing streak. After oil settled Tuesday, the American Petroleum Institute said crude stockpiles fell by 3.19 million barrels last week.
Oil was trading up 55 cents to $68.60 by 7:25 a.m. ET Wednesday.
Investors were waiting to see whether API's data would be confirmed by the weekly Energy Information Administration inventory report, released at 10:30 a.m. ET. Analysts expect oil stocks to fall by 1.9 million barrels.
