Big oil find in Gulf promises more coastal restoration funding

(The Center Square) - A well yielding “high-quality” oil discovered off the Louisiana coast in the Gulf of America by a partnership of three international energy companies should boost the state’s tax revenues for coastal restoration beginning as early as 2027.

Houston-based Occidental Petroleum and partners Chevron and Woodside Energy discovered high-quality oil-bearing Miocene sands at a depth of 36,535 feet at the "Bandit" prospect about 125 miles south of Morgan City. The Bandit well is 17 feet shallower than the Ardennes well, the deepest ever drilled in the Gulf.