ConocoPhillips Finds Second Oil Deposit in Gulf

ConocoPhillips has discovered another oil play in the Gulf of Mexico. The company announced that one of its exploration wells, the Coronado, had found roughly 400 feet of net pay. This occurred after the well drilled to a depth of nearly 32,000 feet.

ConocoPhillips has a 35% working interest in the well. Its co-owners include Chevron, with a 40% stake, and a unit of Andarko.

The Coronado is situated around 190 miles off the coast of Louisiana. It is also roughly 12 miles distant from the Shenandoah, another well that was responsible for the firm's previous discovery. This find, announced on March 19, comprises approximately 1,000 feet of net pay in what ConocoPhillips described as "high-quality Lower Tertiary-aged reservoirs."


The company has a 30% stake in the Shenandoah well.

The article ConocoPhillips Finds Second Oil Deposit in Gulf originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Chevron. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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