BP Discovers 1 Billion Barrels of Crude in Louisiana Gulf Coast

1 billion barrels of crude was discovered off the tip of Louisiana in the Gulf of Mexico thanks to next-generation technology.

BP, the Gulf of Mexico’s biggest producer, announced the news as well as announcing two new offshore oil discoveries and a major new investment in a nearby field.

The billion barrels of crude was discovered in an existing oilfield and will take BP from 300,000 barrels of oil equivalent per day to an expected 400,000 boepd by the middle of the next decade.

The discovery was made at the Thunder Horse field.