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BREAKING: New Major Oil Discovery in Gulf, Near Louisiana Coast

Chevron and Paris-based Total said Wednesday they’ve made a major oil discovery in the Gulf of Mexico southeast of New Orleans.

The so-called Ballymore prospect is about 75 miles from the Louisiana coast in the Mississippi Canyon area of the Gulf. Total is already calling it the company’s largest Gulf discovery.

Chevron, which owns a controlling 60 percent stake in the partnership, said oil was struck at nearly 30,000 feet in a well that’s already showing strong production characteristics. Chevron and Total said they’re assessing the discovery to determine how to proceed.

The Gulf of Mexico is just beginning to show signs of returning to life for the energy sector after a prolonged downturn from the oil bust that began in late 2014.

“The Gulf of Mexico deepwater is an integral part of our company’s long-term strategy,” said Jeff Shellebarger, president of Chevron’s North American exploration and production. “This discovery is an important addition to our portfolio, especially with its combination of size, quality and proximity to existing infrastructure.” [read more]

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