Overview
- Occidental announced an oil discovery at the Bandit prospect about 125 miles south of Louisiana in Green Canyon Block 680.
- The well hit high-quality, oil-bearing Miocene sands, a rock layer that often holds oil in the Gulf.
- Occidental operates the project with a 45.375% stake, while Chevron holds 37.125% and Woodside has 17.5%.
- The partners are reviewing test results to gauge commercial viability, and they have not released resource estimates.
- Early plans favor linking the field to nearby infrastructure to cut costs and shorten timelines, and Occidental shares rose in premarket trading as the Gulf supplies roughly 15% of U.S. crude.