BP Makes ‘Giant’ Oil Discovery in Gulf of Mexico

Sept. 2 (Bloomberg) -- BP Plc, Europe’s second-largest oil company, reported a “giant” discovery at the Tiber Prospect in the U.S. Gulf of Mexico that may contain more than 3 billion barrels, after drilling the world’s deepest exploration well.

The well is located about 250 miles (400 kilometers) southeast of Houston, the London-based company said today in a statement. It was drilled to approximately 35,055 feet (10,685 meters), greater than the height of Mount Everest.

The latest discovery will help BP, already the biggest producer in the Gulf of Mexico, boost output in the region by 50 percent to 600,000 barrels of oil equivalent a day after 2020. It’s equal to about a year’s output from Saudi Arabia, the biggest exporter in the Organization of Petroleum Exporting Countries, as well as coming close to matching the U.K.’s entire proven reserves.

Entire article here.

They are close to waking the unnamed evil slumbering deep...

The Recession May Be Over...

Global Economy Gains Steam

Jobs Still a Worry, but Factory Output Rises in U.S., China, France; Markets Falter

Manufacturing gains in the U.S., Europe and Asia added to evidence the global economy is improving at a faster pace than was widely anticipated a few months ago. For the first time since January 2008, an index based on a survey of U.S. manufacturing purchasing managers crossed a threshold indicating factory output grew. Manufacturing activity in China, France and Australia, among other countries, also expanded in August, separate surveys showed. The pace of contraction in Germany and some other nations slowed markedly.

Stocks pulled back Tuesday, but financial markets in much of the world have been rallying in recent months. Businesses and households have been regaining confidence, and economists have revised forecasts upward.
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BU dorm offers a study in luxury

[...] The view is not the only amenity. So luxurious is the 960-bed dorm that parents’ jaws dropped in disbelief when they helped their children move in last week. The suites of singles and doubles, with elegantly furnished common rooms, large private baths, walk-in closets, and floor-length mirrors, resemble nothing like what older generations remember of their college housing - sterile cinder-block boxes with institutional bunk beds and a communal bathroom down the hall.

“Life is tough,’’ said Laurie Hanafin, as she pushed a large orange crate full of her daughter’s belongings into her sixth-floor suite. “I’m going back to college. If there’s a martini bar, I’m staying.’’

No martini bar - after all, most residents are underage. But in addition to the panorama of the city skyline, students have access to a media lounge with a plasma TV for watching movies and playing video games.

Other amenities include soundproof piano rooms that allow students to practice without disturbing those studying in the 24-hour reading room, which is outfitted with plush adjustable furniture befitting a first-class airport lounge. The laundry room - with washers and dryers programmed to alert students via computer when they are available - overlooks the athletic field and stadium.

A trio of futuristic chandeliers hangs in the stairwell of the airy lobby. Newly potted lady-finger palms and creeping ficus fill giant stainless steel planters.

More here and here.