BP/Petrobras "Giant" Gulf Oil Find Shows Desperation For New Fields.

BLOOMBERG.
BP Plc’s “giant” oil discovery beneath the Gulf of Mexico that it shares with Petrobras and Conoco Phillips shows the lengths producers will go to replace dwindling reserves. Restricted access to deposits in the Middle East, Russia and Venezuela and advances in technology have spurred a shift toward harder-to-access reserves that would once have been unreachable. BP’s 62 percent net entitlement could be up to 500 million barrels,” said an analyst “Nice, but no game changer.”