Chevron Corp. reported a crude oil discovery on its Moccasin prospect on Keathley Canyon Block 736, adding to its portfolio in the Lower Tertiary trend of the deepwater Gulf of Mexico.
Well No. 1 encountered more than 380 ft of net pay in the Lower Tertiary Wilcox sands. The well, which lies 216 miles offshore Louisiana in 6,759 ft of water, was drilled to a depth of 31,545 ft.
“The Moccasin discovery underscores the importance of the deepwater Gulf of Mexico as a source of domestic energy for the United States and as a focus area for Chevron's worldwide exploration portfolio," said George Kirkland, Chevron vice-chairman.
Chevron began drilling the Moccasin well in March 2010. That activity was stopped in June 2010 when the US government imposed a moratorium on deepwater drilling in the gulf (OGJ, June 1, 2010). Drilling resumed in March this year after the US Bureau of Ocean Energy Management, Regulation, and Enforcement approved Chevron's revised drilling permit application.
The well results are still being evaluated, and additional work will be needed to determine the extent of the resource. Chevron, with a 43.75% working interest in the prospect, was the operator of the Moccasin discovery well. Other Moccasin owners are BP PLC 43.75% and Samson Offshore Co. 12.5%.
Chevron is one of the largest leaseholders in the gulf and is currently developing the $7.5 billion Jack-St. Malo and the $4.1 billion Big Foot projects.