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Business Briefing / Energy

Chevron makes oil discovery

February 06, 2009|Times Wire Reports

Chevron Corp. said it made an oil discovery in the Gulf of Mexico that may rival the 500-million-barrel Jack prospect found in 2004.

The Buckskin find is 190 miles southeast of Houston in waters 6,920 feet deep, the company said. Chevron, which is based in San Ramon, Calif., and its partners discovered a 300-foot column of oil-soaked rocks in a 24-million- to 65-million-year-old formation known as the Lower Tertiary.

The find appears to be similar to the Jack discovery, which is 44 miles to the east and part of the same geological trend, Chevron said.

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