NEW IBERIA - Authorities seized a large amount of pure cocaine that was found floating in a waterway Tuesday.

On Tuesday, detectives with the Iberia Parish Sheriff's Officer were contacted by the Department of Homeland Security in reference to suspected narcotics recovered by a work boat. Detectives were able to contact the boat at the docks in the Port of Iberia.

The ship's captain reported finding a suspicious bundle floating in the water roughly 50 to 55 miles south of Southwest Pass at the mouth of the Gulf of Mexico. Inside the bundle, authorities found 30 individually-wrapped packages of suspected pure cocaine weighing approximately 2.5 pounds each.

The estimated street value of the drugs is more than $1 million.

Investigators are working with federal agents in an attempt to determine the origin of the cocaine.

On the same day, federal officials made a massive cocaine bust in Philadelphia. According to ABC News, they seized an estimated 16.5 tons of the drug with a street value of over $1 billion. Officials say the bust was the largest in the history of the Eastern District of Pennsylvania.