Chevron makes deepwater oil discovery off Louisiana coast

Chevron Corp. announced this morning that it has struck oil at the Coronado prospect in the deepwater Gulf of Mexico about 190 miles off the coast of Louisiana. The well is located in waters about 6,100 feet deep and is drilled to a depth of about 31,800 feet deep. The well results are still being evaluated, Chevron says, and additional work is needed to determine the extent of the find. Chevron has a 40% working interest in the prospect and is also the operator of the well. Its other owners are ConocoPhillips, which has a 35% stake; a subsidiary company of Anadarko Petroleum Corp., with a 15% stake; and Venari Offshore, with a 10% stake. The discovery has been made in an area of the Gulf in which Chevron is exploring “multiple projects,” says Gary Luquette, president of Chevron North America Exploration and Production Co., in a prepared statement. “It also highlights the importance of the deepwater Gulf of Mexico as a source of domestic energy for the United States,” he notes. Chevron has more details on its find, including a map and infographic, at its website here.