BP has discovered a new oil deposit in the U.S. Far South prospect in the Gulf, off the coast of Louisiana, The Wall Street Journal reports.
The British energy company said Monday that initial data collected shows high-quality reservoirs and a potentially commercial volume of hydrocarbons. The exploration well is approximately 120 miles off the Louisiana and was drilled to a depth of 23,830 feet.
The Far South prospect is co-owned by BP and Chevron.
