Chevron (NYSE:CVX) and project operator Occidental announced on April 9, 2026, a significant oil discovery at the Bandit prospect, located in the deepwater Gulf of America.
The discovery reinforces the region's status as a core asset for North American energy production and highlights the continued success of targeted exploration in the Green Canyon area.
The exploration well, situated in Green Canyon Block 680 approximately 125 miles south of the Louisiana coast, successfully encountered high-quality, full-to-base oil-bearing Miocene sands.
Initial data indicates a robust reservoir profile, and the co-owners are currently analyzing the technical results to define the commercial scale of the find and establish a development timeline.
Given the well's proximity to existing infrastructure, the partners are evaluating subsea tie-back options to an adjacent Occidental-operated facility and other nearby platforms.
This approach would allow for a faster and more capital-efficient transition from discovery to production by utilizing current subsea networks.
The Bandit prospect is operated by Occidental, which holds a 45.375% working interest.
Chevron subsidiary Chevron U.S.A. maintains a 37.125% interest, while Woodside Energy (Deepwater) Inc. holds the remaining 17.5%.