BP Trinidad takes one-year break
in exploration
Reuters
Port Spain
Petroleumworldtt.com
01 07 07
BP Trinidad and Tobago will take a one-year break
from its exploration programme in 2007 after failing
to find new hydrocarbons in the deepest well ever
drilled in the Caribbean country, the company's
chief executive said on Monday.
"When
our exploration program resumes in 2008, we will
be going after other targets, perhaps not quite
as deep but certainly involving breaching the pressure
ramp," CEO Robert Riley said at an international
energy conference in Port of Spain.
Riley
later told Reuters that the company's exploration
investment in 2008 will be around $60-80 million.
Going
forward, Riley said the exploration plan is focused
on the Columbus shelf, which includes smaller and
riskier prospects.
BPTT
abandoned drilling the Ibis Deep well in August
after four months of drilling to a depth of 19,068
feet (5,809 metres).
BPTT,
majority owned by British oil major BP Plc (BP.L:
Quote, Profile , Research), bore the entire $80
million cost to drill the well on behalf of partners
EOG Resources (EOG.N: Quote, Profile , Research)
and local state owned companies Petrotrin and the
National Gas Company in an offshore area known as
the South East Coast Consortium block.
Riley
said he is still confident about the possibilities
in the future.
"Our
enthusiasm has not been dampened. In fact, we are
ready to return to the deep shelf in the next few
years with renewed vigor," he said.
Reuters
Wednesday, December 6, 2006
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