Ibis Deep
failure slows bpTT programme
The Trinidad Guardian
Port Spain
Petroleumworld.com
09 24 06
BpTT
chairman and CEO Robert Riley yesterday revealed
that following the failure of the $500 million Ibis
Deep well, bpTT’s exploration programme will
be derailed for 2007.
He
said bpTT’s programme was to drill one new
well every year for the next five years but Ibis
Deep’s failure has scuttled the company’s
plans.
“We
will not do a well in 2007 but will certainly return
in 2008. We are going to incorporate the data and
adjust the programme based on the learnings.”
He
was speaking during a news conference at the Trinidad
Hilton, Port-of-Spain.
BpTT
drilled a dry hole at Ibis Deep, the deepest well
ever drilled in T&T.
“When
you spend that kind of money and you get nothing
on it, it reminds you that this is the kind of risk
that companies like ours take to achieve the returns
and the rewards.
Sometimes,
you don’t succeed.”
However,
Riley said it was a huge success for bpTT to reach
the 19,068 feet depth.
He
described the ultra deep phase of exploration as
a risky phase.
Ibis
Deep was spudded on April 14 and was located in
a special exploration zone in the South-East coast
consortium operated by EOG Resources in a joint
venture with the National Gas Company and Petrotrin.
(SL)
Trinidad
Guardian
Thursday, September 21st 2006
Copyright
©2006 Trinidad EGuarian. All Rights Reserved.
