Chevron Makes Big Oil Find Off Texas

Chevron (CVX Quote) has confirmed a potentially huge oil find at its ultra-deepwater Buckskin prospect in the Gulf of Mexico.

The oil-bearing structure is about 200 miles off the coast of South Texas. The discovery well had to navigate almost 7,000 feet of water to a total depth of 29,404 feet -- an astounding engineering achievement for Buckskin's owners.

The well taps into the Lower Tertiary Trend -- the same geological formation that Anadarko Petroleum(APC Quote) successfully proved up earlier this week in its Heidelberg deepwater prospect. ...