Chevron Secures 37% Stake in Bandit Oil Discovery 125 Miles Offshore
Chevron discovered oil in Miocene sands at the Bandit prospect 125 miles south of Louisiana, holding a 37.125% stake alongside operator Occidental (45.375%) and Woodside (17.5%). Partners plan subsea tie-backs to Occidental’s nearby facilities to fast-track appraisal and boost Chevron’s deep-water Gulf of Mexico output.
1. Discovery Details
Chevron and partners made an oil discovery in high-quality Miocene sands at the Bandit prospect in Green Canyon Block 680, located about 125 miles south of the Louisiana coast in the Gulf of Mexico.
2. Ownership Structure
Occidental Petroleum operates the well with a 45.375% working interest, while Chevron holds 37.125% and Woodside Energy holds 17.5%, sharing responsibilities for appraisal and development.
3. Development Plan
Co-owners are evaluating the feasibility of subsea tie-backs to Occidental-operated platforms and nearby infrastructure to fast-track appraisal drilling and accelerate production timelines in deep water.
4. Strategic Implications
The Bandit discovery reinforces Chevron’s deep-water exploration strategy in the Gulf of Mexico and could enhance long-term domestic oil supply, supporting the company’s goal of growing offshore contributions.