Gulf of Mexico Oil Discovery Could Increase U.S. Reserves by 50%

newly discovered oil and gas pool in a deep-water region of the Gulf of Mexico could increase U.S. reserves by about 50%, the Associated Press reported Tuesday.

Chevron Corp. estimates that the 300-square-mile region could contain between three and 15 billion barrels of oil, according to AP.

A Chevron test well at the field has so far sustained a 6,000-barrel-per-day rate of flow, AP said.

Chevron owns 50% of the field, while partners Statoil ASA and Devon Energy Corp. each hold a 25% stake.