BP shares have been boosted by news of what the company calls a "giant" oil discovery in the gulf of Mexico.
A well drilled at its Tiber prospect - 62% owned by BP with other partners Petrobras and ConocoPhillips - has found oil in several reservoirs. The well is said by BP to be one of the deepest ever drilled by the oil and gas industry.
This is the second big discovery in the gulf, said BP, following news from its Kaskida project. It said further appraisal will be needed to determine the size and commerciality of the find.
BP shares, which were slightly lower before the announcement, are now 14.5p higher at 534p, helping limit the damage to the FTSE 100. The leading index is now down 13.90 points at 4805.80, having fallen as low as 4781.29 this morning.
