Home / Business and Economy / Occidental strikes oil in Gulf of Mexico
Occidental strikes oil in Gulf of Mexico
9 Apr
Summary
- Occidental Petroleum discovered oil at the Bandit prospect.
- The find is located in the Gulf of Mexico, offshore Louisiana.
- Chevron and Woodside Energy are co-owners of the prospect.
Occidental Petroleum, in partnership with Chevron and Woodside Energy, has successfully discovered oil at the Bandit prospect. This significant find is situated in the Gulf of Mexico, approximately 125 miles south of the Louisiana coast. Occidental operates the prospect, holding a substantial 45.375% working interest, with Chevron holding 37.125% and Woodside Energy holding 17.5%.
The discovery underscores the Gulf of Mexico's vital role in providing a reliable domestic oil supply and bolstering long-term energy security. Occidental executives expressed confidence in the region's strategic importance. The co-owners are currently assessing the findings to plan future operations.
Further development may involve subsea tie-backs, a process connecting offshore fields to existing production infrastructure via pipelines. This discovery comes as oil prices saw an increase, partly due to concerns over energy flow in the Strait of Hormuz. Occidental's shares experienced a rise in premarket trading following the announcement.
