Chevron Corporation has discovered oil at Ballymore prospect in the US Gulf of Mexico.

This prospect is located in the Mississippi Canyon area of the US Gulf of Mexico, three miles from the Chevron’s Blind Faith platform.

Located at water depths of 6,536ft, the initial well at the prospect was dug at a total measured depth of 29,194ft and found more than 670ft net oil pay with high reservoir and fluid characteristics.

Currently, the company is drilling a sidetrack well to analyse the discovery in order to commence further development options.

Chevron North America Exploration and Production president Jeff Shellebarger said: “The Gulf of Mexico deepwater is an integral part of our company’s long-term strategy.

“This discovery is an important addition to our portfolio, especially with its combination of size, quality, and proximity to existing infrastructure.”

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By GlobalData

Chevron USA is the operator in the prospect, holding a 60% working interest, while Total E&P USA with a 40% stake is the co-owner.

“This discovery is an important addition to our portfolio, especially with its combination of size, quality, and proximity to existing infrastructure.”

Last December, Chevron announced a capital and exploratory investment of $18.3bn for 2018.

This amount also includes $5.5bn for the company’s share of expenditures by affiliated companies.

Chevron chairman and CEO John Watson had then said: “Our 2018 budget is down for the fourth consecutive year, reflecting project completions, improved efficiencies, and investment high-grading.

“We’re fully funding our advantaged Permian Basin position and dedicating approximately three-quarters of our spend to projects that are expected to realise cash flow within two years.”