Chevron Corporation today announced a significant oil discovery in the deepwater Gulf of Mexico. The discovery is located in the Keathley Canyon block 427, approximately 200 miles off the Louisiana coast.

Details of the Discovery

The well, named Moccasin, was drilled to a total depth of approximately 31,000 feet. Preliminary data indicates the presence of substantial recoverable oil resources. Further appraisal drilling will be required to fully delineate the extent of the reservoir.

Implications for Future Development

George Kirkland, Vice Chairman of Chevron Corporation, stated, “This discovery is an important addition to Chevron’s global exploration portfolio. It reinforces our strategy of pursuing large resource opportunities in prolific basins.”

Future Plans

Chevron plans to conduct further appraisal drilling and reservoir studies to determine the optimal development plan for the Moccasin discovery. The company anticipates that this discovery will contribute significantly to its future production growth.

About Chevron

Chevron Corporation is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry, including exploration and production; refining, marketing and transportation; chemicals manufacturing and sales; and power generation.