BP said that it has made a giant discovery at its Tiber Prospect in the deepwater Gulf of Mexico.

The well is situated in 1,259m or 4,132ft of water in the Keathley Canyon block 102, south-east of Houston and found oil in multiple Lower Tertiary reservoirs.

The Tiber well was drilled to an overall depth of nearly 10,685m, making it one of the deepest wells drilled by the gas and oil sector, the company said.

Further evaluation will be needed to determine the size and commercial viability of the discovery.

BP chief executive, exploration and production Andy Inglis said that the Tiber well is the company’s second material discovery in the emerging Lower Tertiary play in the Gulf of Mexico, following its earlier Kaskida discovery.

“These material discoveries together with our industry-leading acreage position support the continuing growth of our deepwater Gulf of Mexico business into the second half of the next decade.”

Tiber is run by BP, which has a 62% working share, while the other co-owners include ConocoPhillips with 18% and Petrobras with 20%.