Chevron confirms oil discovery at Bandit prospect in Gulf of America

Chevron Corporation (NYSE: CVX) 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, approximately 125 miles south of the Louisiana coast.

The well encountered oil-bearing Miocene sands. Occidental Petroleum operates the project with a 45.375 percent working interest, while Chevron U.S.A. Inc. holds 37.125 percent and Woodside Energy (Deepwater) Inc. owns 17.5 percent.

The co-owners are evaluating results to determine next steps. The discovery has potential for subsea tie-backs to an adjacent Occidental-operated facility and other nearby 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 describes itself as the largest leaseholder and a leading producer in the Gulf of America, with a portfolio that includes both operated and non-operated assets. The company's exploration strategy focuses on infrastructure-enabled and frontier high-impact exploration opportunities.

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