Chevron (NYSE:CVX) confirmed on Thursday an oil discovery at the Bandit prospect in the Gulf of Mexico.

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Chevron announced that the Bandit prospect, located in Green Canyon Block 680, encountered high-quality oil-bearing Miocene sands.

The well is co-owned by Chevron, which holds a 37.125 percent working interest, alongside Occidental Petroleum Corporation (NYSE:OXY) and Woodside Energy (NYSE:WDS).

“Bandit demonstrates our exploration strategy in action and reinforces the high-quality opportunities in the prolific deepwater Gulf of America,” said Kevin McLachlan, Vice President, Exploration, Chevron.

Jeff Simmons, Senior Vice President, Subsurface Technology and Chief Petrotechnical Officer, added: “We believe this discovery demonstrates the continued importance of the Gulf of America as a strategic source of reliable domestic oil supply that supports