Occidental Petroleum announced the discovery of oil at the Bandit prospect in Green Canyon Block 680, located roughly 125 miles south of the Louisiana coast. The exploration well struck high‑quality, full‑to‑base Miocene sands, and the company holds a 45.375 % working interest in the prospect, with Chevron U.S.A. Inc. and Woodside Energy owning 37.125 % and 17.5 %, respectively.
The find is strategically significant because it can be tied back to existing Occidental‑operated facilities through subsea tie‑backs, allowing the company to monetize the discovery quickly and at lower cost. It also reinforces Occidental’s focus on strengthening its Gulf of America portfolio, a region the company views as a reliable source of domestic oil supply that supports long‑term energy security.
Senior Vice President Jeff Simmons said the discovery demonstrates the continued importance of the Gulf of America and highlights Occidental’s commitment to expanding production potential in the U.S. operations. The company has recently completed the sale of OxyChem and has been aggressively reducing debt, adding the Bandit prospect to a growing asset base that supports its financial strategy.
While specific production estimates and financial impact figures have not been disclosed, the discovery is expected to contribute to future production capacity and further solidify Occidental’s position as a leading deep‑water producer in the Gulf of Mexico. The addition of the Bandit prospect aligns with the company’s broader goal of enhancing its domestic oil portfolio while maintaining a disciplined balance sheet.
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