Tullow Oil abandons dry oil well in Norwegian Sea
Irish-listed oil and gas explorer Tullow Oil has announced that it has drilled a dry well in the Norwegian Sea, about 14 kilometres southeast of the Heidrun field, and has now abandoned the venture.
A statement from the company said: The primary objective of the well was to prove hydrocarbons in the Upper Jurassic Rogn Formation with a secondary target in the Mid-Jurassic Garn Formation of the Fangst Group.
"The well found no reservoir development in the Rogn Formation and, while the Garn Formation had good reservoir quality, no hydrocarbons were present in either target."
Tullow Oil Norge AS is the operator of the licence with 40pc equity. Lime Petroleum Norway AS (25pc), Rocksource (20pc) and North Energy ASA (15pc) hold non-operated interests.
Before drilling it was estimated that the Zumba prospect had gross unrisked exploration resources of 256 million barrels oil equivalents and a geological chance of success estimated at 27pc.
Yesterday Tullow Oil announced that it had agreed a settlement that will see it pay out $250m (€220m) to the Ugandan government and the Uganda Revenue Authority.