Chevron Corporation has made a new oil discovery in the No 1 well of Keathley Canyon block 736 at the Moccasin prospect in the US Gulf of Mexico.

The well was drilled to a depth of 31,545ft and encountered 380ft of net pay in the Lower Tertiary Wilcox Sands.

Results from the well are being evaluated and additional work will be needed to determine the extent of the resource.

The Moccasin prospect is owned by Chevron, which has a 43.75% interest, along with BP with 43.75% and Samson Offshore Company with 12.5%.