BP (BP) said Monday it has made an oil discovery at the Far South prospect in deep water in the 'Gulf of America.'

BP is Far South's operator, with a 57.5% stake in the prospect, while Chevron (CVX) USA owns the remaining 42.5% interest, BP said.

"Preliminary data supports a potentially commercial volume of hydrocarbons," BP said.

Shares of BP were up nearly 3% in recent Monday premarket activity.