Chevron has today announced an oil discovery in the Buckskin exploration well which Maersk Oil America has a 20% interest in. The discovery is located in Keathley Canyon Block 872, some 190 miles southeast of Houston in the deepwater US Gulf of Mexico.

The Buckskin well encountered more than 300 feet of net pay oil sands and additional work is now ongoing to determine the extent and commerciality of the discovery.

In addition to Maersk Oil America, the Buckskin shareholders are Chevron (operator, 55%), Repsol (12.5%) and Samson Offshore Company (12.5%).

Senior Vice President Jakob Plagborg-Møller says: "The oil discovery in the Buckskin well is a positive result of our exploration activities in the US Gulf of Mexico which is one of our focus areas.  It will still take some time before the size of the oil find has been assessed and we hope eventually to be able to confirm commerciality."

Map of the Buckskin location

Facts
In the central part of the US Gulf of Mexico, Maersk Oil America currently holds interests in some 35 leases, including the leases acquired through an agreement with Chevron in 2008, which also comprises the Buckskin prospect. Further, Maersk Oil America has a 33% interest in a partnership, holding some 100 leases with Hess as operator, in the western part of the gulf.

5 February 2009