BpTT
has said its failed $500 million Ibis Deep well
demonstrated its willingness to take “real
exploration risk.”
The
Guardian reported exclusively yesterday that the
much-touted Ibis Deep well had been a failure with
bpTT drilling a dry hole.
In
a statement bpTT’s executive Chairman Robert
Riley said:
“We
made the ‘best efforts’ to deliver on
our objectives and we are very proud of what we
achieved in getting to this depth.”
Riley
explained that on reaching a depth of 19,000 feet,
the drilling team encountered pressures in excess
of 18,000 pounds per square inch (psi), which were
above the pre-drill predicted pressure of 16,000
psi.
“We
were able to test the prospect and encountered no
significant hydrocarbon-bearing structures.
“Given
these high pressures and the insignificant presence
of hydrocarbons, a technical decision was made to
cease drilling and initiate procedures to safely
exit the well.” Riley noted.
He
added: “While we are understandably disappointed
by this result, we are proud to have been part of
the team that pioneered drilling the deepest well
ever in this country, in an effort to find new hydrocarbon
resources.”
“The
Ibis Deep was the first well to successfully breech
the ‘pressure ramp’ of the deep horizons
of the Columbus Basin.
“In
the process, we also pioneered the use of ‘down-hole’
seismic imaging and ‘real time’ pressure-testing
tools.
“I
can assure the national community that the result
by itself does not mean the end of our exploration
efforts in T&T.
“We
remain committed to our current exploration programme
going forward.”
Asked
if the failure of the well would hurt government’s
upcoming deep water bid round, Energy Minister Dr
Lenny Saith told the Guardian:
“No,
I do not think the failure of Ibis Deep will hurt
the bid round or the bargaining position of the
government of T&T.
“In
any case, let’s wait and see how the bids
go, rather than speculate what this failure means.”
The
well 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 NGC and Petrotrin.
Trinidad Guardian
Wednesday
13th September, 2006
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