Chevron has made an oil discovery at the Bandit prospect approximately 125 miles south of the Louisiana coast in the Gulf of Mexico (GoM).
The exploration well in Green Canyon Block 680 discovered high-quality Miocene sands containing full-to-base oil.
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Occidental Petroleum operates the Bandit prospect with a 45.375% working interest, alongside co-owners Chevron with a 37.125% stake and Woodside Energy with 17.5%.
The co-owners are evaluating the results to determine the next steps.
The discovery could lead to subsea tie-backs to a nearby Occidental-operated facility and other locations in the area.
Occidental subsurface technology senior vice-president and chief petrotechnical officer Jeff Simmons said: “Occidental is focused on strengthening our Gulf of America portfolio.
“We believe this discovery demonstrates the continued importance of the Gulf of America as a strategic source of reliable domestic oil supply that supports long-term energy security.”
Chevron concentrates on investing in a balanced and diverse portfolio that includes both infrastructure-enabled and high-impact frontier exploration opportunities.
As the largest leaseholder in the GoM, Chevron manages a portfolio of both operated and non-operated assets.
Discoveries such as Bandit contribute to its deep-water capabilities.
Chevron exploration vice-president Kevin McLachlan said: “Bandit demonstrates our exploration strategy in action and reinforces the high-quality opportunities in the prolific deep-water Gulf of America.
“We are working with our co-owners to advance appraisal and development planning in a disciplined manner, leveraging existing infrastructure to help deliver competitive barrels.”
In February 2026, Chevron and HELLENiQ ENERGY signed lease agreements with the Hellenic Republic to begin exploration in four offshore blocks in Greece.
Executed through Chevron’s Dutch subsidiaries, the agreements cover two blocks south of Crete and two south of the Peloponnese.
Together, the South Crete 1, South Crete 2, South of Peloponnese and Block A2 concessions span approximately 47,000km².
