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Chevron makes major Gulf of Mexico find

March 26, 2013 at 8:03 AM

SAN RAMON, Calif., March 26 (UPI) -- U.S. supermajor Chevron encountered more than 400 feet of net pay at a prospect in the deep waters of the Gulf of Mexico, the company announced.

Chevron Corp. said it encountered oil in the Walker Ridge Block of the Coronado prospect about 190 miles off the Louisiana coast. The company said the discovery highlights the renewed potential in the Gulf of Mexico.

"The Coronado discovery demonstrates how Chevron is achieving its strategy of superior exploration performance," Chevron Vice President George Kirkland said in a statement. "The discovery adds to our global portfolio of high-quality opportunities for future growth."

Fellow major ConocoPhillips has a 35 percent stake in the Coronado prospect. Last week, the company said it encountered more than 1,000 feet of new pay at the Shenandoah site about 12 miles from the Coronado prospect.

Chevron said it was evaluating results from the prospect.

"Additional work is needed to determine the extent of the resource," it said.

Last week, two U.S. senators introduced legislation that would cut government support for oil companies drilling in deep waters of the Gulf of Mexico, citing lingering concerns for BP's spill in 2010.

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