BP believes it has found a fertile new source of shale gas in New Mexico, on land it bought from a U.S. shale driller two years ago.

The British oil major said Monday one of its natural gas wells in the Mancos Shale reached the region's highest production rate in 14 years, pumping 12.9 million cubic feet of gas a day in an initial 30-day period.

Dave Lawler, head of BP's shale gas unit, said the discovery means the Mancos Shale – part of the San Juan Basin, which stretches across New Mexico and Colorado – could become one of the nation's top shale plays.

"This result supports our strategic view that significant resource potential exists in the San Juan Basin, and gives us confidence to pursue additional development of the Mancos Shale," Lawler said.

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