New oil discovery in Gulf of Mexico

Brazil state oil company Petrobras has announced a new oil discovery in the extreme south-western part of the Walker Ridge concession area, located in ultra-deep waters in the Gulf of Mexico.

The discovery confirms the Lower Tertiary's potential in this area. The discovery is approximately 400 kilometres south-west of New Orleans, at a water depth of around 2,364 metres. Further exploration activities will define recoverable volumes and its commercial potential.

Statoil is the consortium's operator, with 35 percent stake. Petrobras America (a subsidiary of Petrobras headquartered in Houston, Texas) holds 35 percent of the stake, while Ecopetrol America and OOGC hold 20 percent and 10 percent, respectively.