Leading French oil and energy provider Total announced Wednesday a significant oil discovery at the Ballymore prospect deep offshore in the U.S. Gulf of Mexico.
Located 120 km off the Louisiana coast at a depth of about 2,000 meters, the Ballymore prospect covers four blocks in the Norphlet play, including Block MC 607 where the discovery was made, it said in a statement.
“This major discovery gives us access to large oil resources and follows on potential in the emerging Norphlet play,” said Arnaud Breuillac, president of exploration and production at Total.
“While already deemed commercially viable, we will work together on the appraisal of this discovery and a cost-effective scheme to ensure a rapid, low break-even development,” he added.
Total’s acquisition of a 40-percent working interest in Ballymore was part of an exploration agreement with Chevron, which holds 60 percent, that was signed in September 2017.
The group’s “largest discovery in in the prolific Gulf of Mexico” will boost its new exploration strategy that has been in place since 2015.