Occidental, Chevron and Woodside Confirm Bandit Oil Discovery at Green Canyon 680; Petrobras and BP Strike Pre-Salt Hydrocarbons 201 km Off Rio de Janeiro

Two significant deepwater oil discoveries confirmed within four days of each other are reinforcing the Gulf of Mexico and Brazil's pre-salt basins as premier global exploration frontiers. On April 9, Occidental Petroleum, Chevron and Woodside Energy announced the Bandit find at Green Canyon Block 680 in the deepwater Gulf of Mexico. On April 13, BP and Petrobras confirmed hydrocarbons at a new Campos Basin pre-salt well 201 kilometres off the Rio de Janeiro coast.

Bandit Prospect: Three Majors Confirm Oil at Green Canyon Block 680

Occidental Petroleum (operator, 45.375% working interest), Chevron U.S.A. Inc. (37.125%) and Woodside Energy Deepwater Inc. (17.5%) have confirmed a significant oil discovery at the Bandit prospect, located at Green Canyon Block 680 approximately 125 miles south of the Louisiana coast. The partners drilled to more than 40,000 feet, making the Bandit well among the deepest ever attempted in the Gulf of Mexico.

The well encountered high-quality, full-to-base oil-bearing Miocene sands, a reservoir description indicating excellent continuity and high oil saturation throughout the interval. Industry analysts have estimated the Bandit find could hold upward of 230 million barrels of oil equivalent (BOE), though the partnership has not formally disclosed a reserve estimate pending further appraisal.

"The Gulf remains a core region for U.S. offshore exploration and development, with significant potential for domestic oil supply," said Jeff Simmons, Occidental's senior vice president of subsurface technology and chief petrotechnical officer. The company noted the discovery "underscores its strategy to build its Gulf of Mexico portfolio while reinforcing the region's role as a reliable, long-term source of domestic oil and energy security."

The partners are evaluating development options that include subsea tieback to adjacent Occidental-operated infrastructure, a lower-capital route that avoids the expense of a standalone floating production unit. With Brent crude trading near $100 per barrel on April 14, the economics of such a tieback project are highly favorable: deepwater Gulf tiebacks typically require oil prices in the $60 to $80 per barrel range for commercial viability, meaning Bandit would generate strong returns if appraisal confirms commercial volumes.

Petrobras and BP Strike Pre-Salt Hydrocarbons in Campos Basin

State-controlled Petrobras (70% operator) and its partner BP (30%) confirmed a new hydrocarbon discovery in the pre-salt section of Brazil's Campos Basin on April 13. The well, designated 1-BRSA-1404DC-RJS on Block C-M-477, Sector SC-AP4, was drilled in approximately 2,984 metres of water roughly 201 kilometres off the coast of Rio de Janeiro. The block was awarded under Brazil's 16th ANP bidding round.

Hydrocarbon presence was confirmed through electrical logs, gas shows, and direct fluid sampling. Recovered samples have been sent for laboratory analysis to determine reservoir characteristics and fluid properties. Petrobras described the well as part of its strategy to "replenish reserves through exploration in frontier areas," a priority for a company that produced more than 2.1 million barrels per day from its pre-salt fields in 2025.

The Campos Basin is one of the most prolific deepwater hydrocarbon provinces in the world, home to the giant Buzios and Mero fields that anchor Brazil's oil production growth. The Block C-M-477 discovery extends Petrobras' and BP's footprint into the basin's frontier pre-salt areas, where reservoir quality and well productivity remain subject to further evaluation.

A Resurgent Deepwater Exploration Cycle

The back-to-back Gulf of Mexico and Campos Basin results align with a broader resurgence in deepwater exploration spending that accelerated as oil prices breached $90 per barrel in late 2025. Major operators have returned to frontier and near-infrastructure plays across the Gulf of Mexico, Brazil, West Africa, and Southeast Asia, seeking high-impact barrels to replenish reserves as onshore and shallow-water fields mature.

The April discoveries add momentum to a trend already visible this month. Earlier in April, TotalEnergies confirmed the Moho G discovery offshore the Republic of Congo, with recoverable resources estimated close to 100 million barrels of oil equivalent when combined with the adjacent Moho F structure. For context, see: TotalEnergies Confirms Near 100 Million Barrel Moho G Discovery Offshore Republic of Congo, Plans Likouf Tie-Back.

For the Bandit prospect, the next steps involve appraisal drilling to confirm reservoir extent and commercial volumes before a final investment decision. If the 230 million BOE analyst estimate proves accurate, Bandit would rank among the largest U.S. Gulf deepwater finds in recent years and deliver a significant future production platform for Occidental, Chevron and Woodside. The Petrobras-BP Campos discovery will proceed to commercial assessment once fluid analysis from Block C-M-477 is complete, with Petrobras expected to update its strategic plan later in 2026.

Sources: World Oil; Offshore Magazine; World Oil; Offshore Magazine.