BP Finds Oil in Kodiak Area

BP America has made an oil discovery in the Kodiak area in the deepwater Gulf of Mexico. The well, located in Mississippi Canyon block 771 approximately 60 miles (95 kilometers) southeast of the Louisiana Coast, is in about 5,000 feet (1,500 meters) of water. The well was drilled using Transocean's Deepwater Horizon semisub. Further appraisal will be required to determine the size and commerciality of the discovery.

This discovery strengthens BP's resource base in the Gulf of Mexico and has the potential to become an important new source of production for the USA.

The well is managed by BP Exploration & Production Inc., a wholly-owned subsidiary of BP America Inc., with a 63.75 percent working interest, and includes co-owners Eni with a 25 percent working interest, and Marubeni Oil & Gas (USA) Inc. with an 11.25 percent working interest. The lease was acquired at federal OCS Lease Sale 182 in March 2002.