Occidental Petroleum Corp. (NYSE:OXY) said it has made an oil discovery at the Bandit prospect in the Gulf of America, about 125 miles south of the Louisiana coastline. The exploration well drilled in Green Canyon Block 680 encountered oil-bearing sands from the Miocene formation.
Occidental operates the prospect with a 45.375% working interest. Chevron U.S.A. Inc. holds a 37.125% stake, while Woodside Energy owns the remaining 17.5%. The partners are currently assessing the discovery to determine potential development options.
According to the company, the find could be developed through subsea tie-backs to a nearby Occidental-operated facility as well as other existing infrastructure in the region.
“We believe this discovery demonstrates the continued importance of the Gulf of America as a strategic source of reliable domestic oil supply that supports long-term energy security,” said Jeff Simmons, Senior Vice President, Subsurface Technology and Chief Petrotechnical Officer.
The announcement comes as Occidental continues to strengthen its presence in the Gulf of America. The company has not yet provided estimates for the size of the resource or a timeline for potential development at the Bandit prospect.
Occidental is a Houston-based international energy company with operations primarily in the United States, the Middle East, and North Africa. The company is engaged in the production, marketing, and transportation of oil and natural gas.