PARIS: French oil and energy group Total said on Wednesday that it had made a significant oil discovery at the Ballymore prospect in the deep offshore in the US Gulf of Mexico, its largest discovery in the area.
鈥淭his major discovery gives us access to large oil resources and follow on potential in the emerging Norphlet play,鈥� Arnaud Breuillac, Total鈥檚 president for exploration and production, said in a statement.
鈥淲hile already deemed commercially viable, we will work together on the appraisal of this discovery and a cost-effective scheme to ensure a rapid, low breakeven development,鈥� he added.
An assessment of the resource estimate was ongoing, the company said, adding that the discovery will bolster Total鈥檚 new exploration strategy put in place since 2015.
The Ballymore prospect covers four blocks in the Norphlet play, including Block MC 607 where the discovery was made.
Total鈥檚 acquisition of a 40 percent working interest in Ballymore was part of an exploration agreement along with Chevron, which has 60 percent, signed in September 2017.
French oil giant Total announces major deepwater oil discovery in Gulf of Mexico
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