Occidental’s 45.375% Stake in Gulf Bandit Prospect Yields Miocene Oil Discovery
Occidental Petroleum holds a 45.375% working interest in the Bandit prospect, where Chevron’s exploration well in Green Canyon Block 680 encountered full-to-base oil in high-quality Miocene sands. Co-owners are evaluating appraisal and potential subsea tie-backs to an existing Occidental-operated Gulf facility to leverage infrastructure.
1. Details of the Bandit Discovery
Chevron’s exploration well in Green Canyon Block 680 encountered full-to-base oil in high-quality Miocene sands at the Bandit prospect, approximately 125 miles south of the Louisiana coast.
2. Occidental’s Stake and Operator Role
Occidental Petroleum holds a 45.375% working interest and operates the Bandit prospect alongside Chevron (37.125% stake) and Woodside Energy (17.5%), managing appraisal and development planning.
3. Potential Development and Infrastructure Tie-Backs
The co-owners are evaluating appraisal results and assessing subsea tie-backs to an existing Occidental-operated Gulf facility to leverage existing infrastructure and optimize costs.
4. Strategic Impact on Gulf Portfolio
The discovery reinforces Gulf production potential, bolsters Occidental’s Gulf of America portfolio, and supports reliable domestic oil supply for long-term energy security.