July 21 Oil and gas producer Tullow Oil Plc
said it had plugged and abandoned a well in the
Norwegian North Sea after it failed to find any hydrocarbons.
The company said it did not encounter hydrocarbons in the
Lupus exploration well, located 35 kilometres southeast of the
Oseberg South field in the North Sea.
It was the first well in production licence PL 507, Tullow
said on Monday.
Tullow reported a $415 million pretax write-off in net
exploration in the first half of 2014 due to dry holes drilled
in Mauritania, Ethiopia and Norway over the past 6 months and
various licence cancellations.
Tullow's partner Det norske said in late May
that the company had drilled a dry well in the Gotama prospect
in the Norwegian sector of the North Sea, where Tullow has an 80
Tullow is now counting on new drilling projects planned in
Kenya and Ethiopia for this year and next to improve its
Tullow Oil Norge AS is the operator of production licence PL
507 with a 60 percent equity stake and a 40 percent paying
interest. The other partners are Explora Petroleum, Ithaca
Energy and North Energy.
Shares in Tullow fell as much as 0.9 percent in early
(Reporting by Roshni Menon in Bangalore; Editing by Gopakumar