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Chevron Discovers Oil in Gulf of Mexico

Chevron, the second-largest U.S. oil company, on Thursday said it made a new oil discovery at the Buckskin prospect located about 190 miles southeast of Houston, Texas, in the deep water U.S. Gulf of Mexico.

The well, which was drilled to a depth of 29,404 feet, encountered more than 300 feet of net oil pay, or produceable oil.

The company said that more tests are being conducted on the well to determine the extent and commercial viability of the discovery.

Repsol, with a 12.5 percent working interest in the prospect, was the operator of the Buckskin discovery well. Chevron , with a 55 percent working interest, will become operator and conduct all future work. Other Buckskin co-owners are Maersk Oil America, with 20 percent, and Samson Offshore Company, with a 12.5 percent working interest.