Occidental reports Gulf of America oil discovery at Bandit prospect

Occidental SVP Jeff Simmons: “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.”

Occidental Petroleum Corporation (NYSE: OXY) has announced an oil discovery at the Bandit prospect in the Gulf of America, about 125 miles south of the Louisiana coast. The exploration well, located in Green Canyon Block 680, encountered high-quality, full-to-base oil-bearing Miocene sands.

Bandit is operated by Occidental, which holds a 45.375% working interest, and includes co-owners Chevron U.S.A. Inc. (37.125%) and Woodside Energy (17.5%). The co-owners are currently evaluating results to determine next steps. The discovery has the potential for subsea tie-backs to an adjacent Occidental-operated facility and others in the nearby area.

“Occidental is focused on strengthening our Gulf of America portfolio,” said Jeff Simmons, the company’s senior vice president, subsurface technology and chief petrotechnical officer. “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.”

Chevron Corporation (NYSE:CVX) notes that the exploration well encountered high-quality, full-to-base oil-bearing Miocene sands.

“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.”