Houston-headquartered energy player Occidental (Oxy) has unveiled a new oil discovery at a prospect in the Gulf of America (U.S. Gulf of Mexico).
Occidental has revealed an oil discovery at the Bandit prospect in the Gulf of America, about 125 miles south of the Louisiana coast.
The exploration well, located in Green Canyon Block 680, encountered high-quality, full-to-base oil-bearing Miocene sands.
Jeff Simmons , Senior Vice President of Subsurface Technology and Chief Petrotechnical Officer, commented: “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.”
Bandit is operated by Occidental, which holds a 45.375% working interest, and includes co-owners, Chevron U.S.A. Inc. (37.125%) and Woodside Energy (17.5%).
The operator and co-owners are currently evaluating results to determine next steps, including the discovery’s potential for subsea tie-backs to an adjacent Occidental-operated facility and others in the nearby area.
Oxy made inroads on its debt-reduction plan in February 2025 by reaching a near-term debt repayment target and signing two agreements to offload upstream assets to undisclosed buyers.