Benzinga - by Nabaparna Bhattacharya, Benzinga Editor.
Kosmos Energy Ltd. (NYSE: KOS) said it made oil discovery in the U.S. Gulf of Mexico at the Tiberius exploration well.
The company, which operates the well, has a 33.34% working interest alongside Occidental Petroleum Corporation (NYSE: OXY) and Equinor ASA (NYSE: EQNR) (both 33.33%).
The Tiberius well, positioned in about 7,500 feet (2,300 meters) of water, was drilled to a total vertical depth of around 25,800 feet (7,800 meters).
Kosmos will now undertake rock and fluid analysis to confirm the production potential of the reservoir and will work with partners on subsea development options.
The Tiberius exploration well probed a four-way structural trap in the outboard Wilcox trend, situated in Keathley Canyon Block 964.
The well discovered approximately 250 feet (~75 meters) of net oil pay within the primary Wilcox target.
Wireline logging has been concluded, and the casing is presently being maneuvered to the target depth to facilitate the well's future use as an oil producer.
The discovery is located approximately six miles southeast of the Occidental-operated Lucius SPAR production facility, enabling a short tie-back in the event of development.
"The Gulf of Mexico is an advantaged basin with top quartile carbon emissions, and discoveries like Tiberius can bring lower carbon U.S. supply to meet near-term growing oil demand," said Kosmos CEO Andrew Inglis.
Price Action: KOS shares are trading lower by 0.47% to $7.45 on the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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