UPDATE 1-BP makes fresh Gulf of Mexico find at Mad Dog

Wed Sep 7, 2011 9:16am EDT

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LONDON, Sept 7 (Reuters) - BP said a well at its Mad Dog field in the Gulf of Mexico found oil, significantly increasing the area's potential resources.

The appraisal well in a previously untested segment of the field found 50 metres of hydrocarbons and an oil column of 91 metres, the oil firm said in a statement on Wednesday.

If confirmed by further drilling, this could mean Mad Dog has around four billion barrels of oil equivalent in place, it said.

"With these additional hydrocarbon resources north of the main field, Mad Dog has been firmly established as a giant field in BP's Gulf of Mexico portfolio, rivalling Thunder Horse in size of resource," said Bob Dudley, BP's Chief Executive.

On Tuesday, Chevron announced a discovery with BP in the Gulf of Mexico at the Moccasin prospect, the site of the first exploratory well permit after the end of a deepwater moratorium that followed last year's Macondo spill. .

BP owns 60.5 percent in Mad Dog, with BHP Billiton holding 23.9 percent and Chevron 15.6 percent.

(Reporting by Rosalba O'Brien; Editing by Paul Sandle)

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