BP (BP) Is Spiking After Revealing A Large Oil Discovery

Shares of BP (NYSE: BP) are up approximately 3.66% to $52.32 after BP reported that it discovered a "giant" oil find in the Gulf of Mexico. This appears to be one of the largest discoveries in recent years.

The Tiber field, in deep water about 250 miles south-east of Houston, is likely to hold at least 3 billion barrels of oil, with 500m-plus of that recoverable with today’s technology, but could be even larger.

Andy Inglis, BP’s head of exploration and production, said in a statement: "Tiber represents BP’s second material discovery in the emerging Lower Tertiary play in the Gulf of Mexico... These material discoveries together with our industry-leading acreage position support the continuing growth of our deep water Gulf of Mexico business into the second half of the next decade."

Tiber is operated by BP, with a 62% working interest with co-owners Petrobras (NYSE: PBR) at 20%, which is trading up 1.1% to $39.36 and ConocoPhillips (NYSE: COP) at 18%, which is trading up 0.61% to $44.42.

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