Energy giant BP today announced it has made a “significant” deepwater oil discovery in the US Gulf of Mexico.

It was made at the Gila prospect, which it co-owns with ConocoPhillips and is BP’s third discovery in recent years. BP previously announced two other Paleogene discoveries in the Gulf of Mexico – Kaskida in 2006 and Tiber in 2009.

It is however the first major find since the Deepwater Horizon oil spill disaster in 2010, which caused an environmental disaster.

The Gila discovery was made by an exploration well on Keathley Canyon Block 93, around 300 miles southwest of New Orleans, with the well drilled to a total depth of 29,221 feet.

Richard Morrison, Regional President of BP’s Gulf of Mexico business said: “The Gila discovery is a further sign that momentum is returning to BP’s drilling operations and well execution in the Gulf of Mexico.”

Over the past five years, the company has invested more than $55bn (£33.6bn) in the US.

Yesterday a group of companies led by BP signed a multi-billion dollar deal to pipe natural gas from a field off the coast of Azerbaijan to Europe.