BP Amoco Plc said it should be able to provide an update on its giant Crazy Horse
deepwater oil discovery in the Gulf of Mexico when two appraisal wells are completed during the next couple of months. "I would say the preliminary results are very encouraging and hopefully we will have some news in the near future," BP Amoco's Houston region Vice President David Welch told reporters after addressing the American Petroleum Institute's Houston chapter.
The London-based company announced the Crazy Horse discovery last year, estimating that it contained reserves of at least one billion barrels of oil, making it the biggest ever deepwater discovery in the Gulf of Mexico. Since the initial announcement there has been speculation that Crazy Horse may be much bigger than first estimated but Welch said he did not wish to comment on the possible reserve size before appraisal drilling was completed.
"We announced one billion barrels. We want to make sure we've got that confirmed and we hope there will be some good news as we get these wells down, but I don't want to speculate," he said.