Occidental Petroleum Corp on Thursday introduced an oil discovery within the Inexperienced Canyon Block 680 on america’ aspect of the Gulf of America.
The “Bandit” properly, about 125 miles south of the Louisiana coast, “encountered high-quality, full-to-base oil-bearing Miocene sands”, the Warren Buffett-backed power firm mentioned in an internet assertion.
“The co-owners are at the moment evaluating outcomes to find out subsequent steps”, operator Occidental mentioned. “The invention has the potential for subsea tie-backs to an adjoining Occidental-operated facility and others within the close by space”.
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Jeff Simmons, Occidental senior vp for subsurface know-how and chief petrotechnical officer, mentioned, “Occidental is concentrated on strengthening our Gulf of America portfolio. We consider this discovery demonstrates the continued significance of the Gulf of America as a strategic supply of dependable home oil provide that helps long-term power safety”.
Houston, Texas-based Occidental had reported 4.6 billion barrels of oil equal (boe) in confirmed reserves at yearend 2025. “Proved reserve additions included extensions and discoveries totaling 340 million BOE, primarily within the Permian Basin, and optimistic revisions related to infill improvement initiatives of 115 million BOE, primarily within the Permian and DJ Basins”, it mentioned in its quarterly report February 18, 2026. “The 2025 all-in reserves substitute ratio was 98 p.c, with a three-year common of 154 p.c. The 2025 natural reserves substitute ratio was 107 p.c, with a three-year common of 116 p.c”.
Occidental operates the brand new discovery with a forty five.375 p.c stake. Chevron Corp owns 37.125 p.c. Australia’s Woodside Vitality Group Ltd holds 17.5 p.c.
“Chevron’s exploration technique is concentrated on disciplined funding throughout a resilient, balanced portfolio of infrastructure-enabled and frontier high-impact exploratioon alternatives”, Chevron mentioned individually. “Chevron is the biggest leaseholder and a number one producer within the Gulf of America, with a portfolio that features operated and non-operated property. Discoveries like Bandit construct on Chevron’s deepwater experience”.
Mark Abbotsford, Woodside govt vp and chief business officer, mentioned individually, “This consequence highlights the standard of the US Gulf of America and the function it continues to play in delivering safe, dependable power”.
“The Bandit-1 discovery additionally demonstrates the worth of disciplined exploration in established basins with clear pathways to commercialization”, Abbotsford added.
“In help of high-grading our Gulf of America portfolio, Woodside was the profitable bidder, topic to regulatory approval, on two blocks within the Huge Stunning Gulf (BBG) 2 Oil & Fuel Lease Sale held in March 2026. This additional builds on the eight leases awarded to Woodside beneath the BBG1 lease sale held late in 2025”.
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