The new find 60 miles south of the Louisiana coast, right next to existing oil production infrastructure, and near many Gulf Coast oil refineries. If Shell develops the discovery, it could boost oil production from a region that has seen its output decline for years.

“It’s a beautiful discovery with good-quality oil in a good-quality reservoir,” said Martijn Dekker, Shell’s vice president for appraisal and hydrocarbon maturation.

Americans could benefit from new oil discoveries like Shell’s because they help keep gasoline prices low.