Chevron (CVX -0.4%) says it made a significant oil discovery at the Ballymore prospect in the deepwater U.S. Gulf of Mexico in the Mississippi Canyon area.

CVX says the initial Ballymore well reached total measured depth of 29,194 ft. and encountered more than 670 ft. net oil pay with excellent reservoir and fluid characteristics.

“This discovery is an important addition to our portfolio, especially with its combination of size, quality and proximity to existing infrastructure,” the company says.

CVX is the operator in the prospect and holds a 60% interest, while co-owner Total (NYSE:TOT) has a 40% stake.

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