Occidental Petroleum Corp. (NYSE: OXY) announced an oil discovery at the Bandit prospect in the Gulf of America, located approximately 125 miles south of the Louisiana coast. The exploration well in Green Canyon Block 680 encountered oil-bearing Miocene sands.

Occidental operates the prospect with a 45.375% working interest, while Chevron U.S.A. Inc. holds 37.125% and Woodside Energy owns 17.5%. The companies are evaluating the results to determine future development plans.

The discovery has potential for subsea tie-backs to an adjacent Occidental-operated facility and other installations in the area, according to the company's press release.

"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 focuses on strengthening its Gulf of America portfolio. The company has not disclosed specific resource estimates or development timelines for the Bandit prospect.

Occidental is an international energy company headquartered in Houston that operates primarily in the United States, the Middle East and North Africa. The company produces, markets and transports oil and natural gas.