- Associated Press - Friday, October 24, 2014

NEW ORLEANS (AP) — Chevron and BP have hit oil at a key exploration site in the deepwater Gulf of Mexico. This is BP’s second major discovery in the deepwater Gulf since the 2010 oil spill.

NOLA.com/The Times-Picayune reports (http://bit.ly/1tQySFr ) the discovery, known as Guadalupe, is in the Keathley Canyon region of the Gulf of Mexico about 300 miles southwest of New Orleans in nearly 4,000 feet of water.

The Guadalupe prospect targets oil in a Paleogene-era layer of sand more than 30,000 feet under the ocean floor. Chevron and BP did not say how much oil they estimate is in the reservoir.

Chevron and BP each own a 42.5 percent share in the well. Venari Resources, a Texas oil and gas exploration company focused on the deepwater Gulf, owns the remaining share.

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Information from: The Times-Picayune, http://www.nola.com

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