January 31, 2018 / 7:21 AM / in 5 months

Energy group Total announces major deepwater oil discovery in Gulf of Mexico

PARIS (Reuters) - 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 U.S. Gulf of Mexico, its largest discovery in the area.

The logo of French oil giant Total is pictured at its first gas station in Mexico City, Mexico January 25, 2018. REUTERS/Daniel Becerril

“This major discovery gives us access to large oil resources and follow on potential in the emerging Norphlet play,” Arnaud Breuillac, Total’s president for exploration and production, said in a statement.

“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 breakeven development,” he added.

An assessment of the resource estimate was ongoing, the company said, adding that the discovery will bolster Total’s 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’s 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.

Reporting by Bate Felix; Editing by Sudip Kar-Gupta

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