Norway's Equinor and co-venturers Progress Resources and Spain's Repsol have found oil in the Monument exploration well in the U.S. Gulf of Mexico.
The Monument exploration well found 200 feet of net oil pay with good reservoir characteristics in Paleogene sandstone. The well was drilled to a total depth of 33,348 feet using the Pacific Khamsin rig, said Equinor.
“We are pleased to have proved an accumulation of movable hydrocarbons in the Monument exploration well. However, determining the full potential of the discovery will require further appraisal drilling,” said Bjørn Inge Braathen, senior vice president of Exploration in North America.
The Monument exploration well is located in the central U.S. Gulf of Mexico. It is operated by Equinor (50 per cent) with partners Progress Resources USA Ltd (30 per cent) and Repsol E&P USA Inc. (20 per cent).