Chevron Corporation (NYSE:CVX) said it has confirmed an oil discovery at the Bandit prospect in the Gulf of America, according to a company statement. The exploration well is located in Green Canyon Block 680, roughly 125 miles south of the Louisiana coastline.
The well encountered oil-bearing Miocene sand formations. Occidental Petroleum operates the project with a 45.375% working interest, while Chevron U.S.A. Inc. holds 37.125% and Woodside Energy (Deepwater) Inc. owns the remaining 17.5%.
The project partners are currently reviewing the drilling results to determine potential next steps. The discovery could potentially be tied back through subsea connections to a nearby facility operated by Occidental as well as other surrounding infrastructure.
“Bandit demonstrates our exploration strategy in action and reinforces the high-quality opportunities in the prolific deepwater Gulf of America,” said Kevin McLachlan, Vice President, Exploration, Chevron. “We are working with our co-owners to advance appraisal and development planning in a disciplined manner, leveraging existing infrastructure to help deliver competitive barrels.”
Chevron said it remains the largest leaseholder and one of the leading producers in the Gulf of America, with a portfolio that includes both operated and non-operated assets. The company’s exploration strategy targets high-impact opportunities that can be developed efficiently using existing infrastructure as well as frontier exploration prospects.