Aspen discovery scored by BP

BP has made a major discovery at its Aspen Field, located approximately 150 miles south-southwest of New Orleans, Louisiana, in the Green Canyon region of the US Gulf of Mexico. The discovery adds to an extensive portfolio of deepwater assets BP has in the Gulf.

Exploratory drilling by the Ocean Victory semisubmersible drilling rig confirmed the Aspen discovery. Net feet of pay encountered was 490 ft. Development plans for the field are currently being evaluated.

"Aspen is another success in our worldwide deepwater exploration program, and reinforces BP's leadership role in the Gulf of Mexico," said Jack Golden, BP Group Vice President.

Aspen is a deepwater field located in approximately 3,000 ft of water at Green Canyon Block 243. BP has 80% ownership of the block. Nexen Petroleum USA Inc. owns the remaining 20%. Block 243 is located near the BP-operated Troika Field, which is jointly owned by BP, Shell, and Marathon.

The former Vastar Resources, Inc. of Houston purchased the Aspen Field lease in March 1998. BP acquired its rights through the company's purchase of Vastar in 2000. Aspen is one of approximately 50 Vastar prospects BP is currently evaluating or developing.

"We are excited about Aspen's potential and believe it will contribute to the near-term growth of BP's portfolio," said James Dupree, vice president of BP's Deepwater Production.

BP is the largest acreage holder in the deepwater Gulf with more than 750 gross blocks in water depths greater than 1,500 ft. The company has a substantial reserve base in the deepwater Gulf, with ownership of approximately 35% of all deepwater Gulf discoveries to date. BP currently produces more than 250,000 b/d from its deepwater Gulf of Mexico fields.

Source: BP