Chevron makes oil discovery in deepwater US Gulf of Mexico

Marking its second oil discovery in the deepwater US Gulf of Mexico in less than a year, Chevron Corp. (NYSE:CVX) encountered oil pay at the Anchor prospect in Green Canyon Block 807.

Pacific Drilling’s Pacific Santa Ana drillship was used for Chevron's Anchor well. The well, drilled by Pacific Drilling’s Pacific Santa Ana drillship, hit oil in multiple Lower Tertiary Wilcox Sands.

"The Anchor discovery, along with the previously announced Guadalupe discovery, are significant finds for us in the deepwater Gulf of Mexico. We had one of our best years with the drill bit in 2014, reporting more than 30 discoveries worldwide and adding an estimated one billion barrels of new resources to our holdings," said Jay Johnson, senior vice president, Upstream, Chevron Corp.

The well, which was spudded in August 2014, is located approximately 140 miles off the coast of Louisiana in 5,183 feet of water and was drilled to a depth of 33,749 feet. Appraisal drilling will begin in 2015.

The company expects further near-term growth in the Gulf, spurred by the recent startups at Jack/St. Malo and Tubular Bells. Currently, Chevron has five deepwater drillships operating in the Gulf, two of which are focused on exploration activities.

Chevron subsidiary Chevron USA Inc. is the operator, with a 55% working interest in the Anchor prospect. Anchor co-owners are Cobalt International Energy Inc. (20%), Samson Offshore Anchor LLC (12.5%); and Venari Resources LLC (12.5%).

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