Total Makes Major Discovery in Gulf of Mexico

By FeaturesDow Jones Newswires

Total SA (FP.FR) has made a major offshore oil discovery at the Ballymore prospect in the U.S. Gulf of Mexico, the company said Wednesday.

"Ballymore is the largest discovery by Total in the prolific Gulf of Mexico and bolsters our new exploration strategy put in place since 2015," said Kevin McLachlan, Total's senior vice president of exploration.

Continue Reading Below

Total said it drilled to a depth of nearly 9,000 meters and found 205 meters of net oil pay, a core measure of a reservoir's recoverable reserves.

The company said it will now drill a sidetrack well to confirm the discovery's potential.

Total has a 40% working interest in the Ballymore prospect, which is located 120 kilometers from the Louisiana coast in waters of around 2,000 meters, while Chevron Corp. (CVX) holds the remaining 60% stake.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

January 31, 2018 02:35 ET (07:35 GMT)

Continue Reading Below