BP makes big oil discovery

September 2, 2009 12:07:40 PM PDT
Oil giant BP says it made a giant discovery while drilling in the world's deepest exploration well.

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The company hit an oil deposit while drilling about 250 miles southeast of Houston.

BP says the spot may contain more than 3 billion barrels of oil.

BP is already the biggest oil producer in the Gulf of Mexico.

This latest discovery will eventually help the company boost output in the region by 50 percent, to 600,000 barrels a day.

The project is not expected to be fully developed until 2020.

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