Newfield Exploration Co., Houston, (NYSE: NFX) reports the Blackbeard West #1 exploration well in the South Timbalier area offshore Louisiana was drilled to 30,067 feet and encountered a thin gas bearing sand below 30,000 feet. Newfield invested $25 million in the drilling of the well, which failed to reach its primary targets because of higher than expected pressure. The operator is preparing to temporarily abandon the well. Newfield chairman, president and chief executive David A Trice says, "Although disappointed that we were unable to test our primary objectives, we have learned a great deal about drilling ultra-deep wells. This has been a challenging well to test a true frontier play, but Newfield is sufficiently encouraged to continue investing in this play. We intend to use the information gathered from this well to investigate if a well can be designed which will allow us to safely test this prospect in the future." Blackbeard West #1 is operated by ExxonMobil Corp., Irving, Texas, (NYSE: XOM) which has a 25% interest in the well. Newfield has a 23% interest, BP Exploration and Production Inc., London, (NYSE: BP) has 20%, Petrobras America Inc., Rio de Janeiro, Brazil, (NYSE: PBR) has 20%, Dominion Exploration & Production Inc. Dallas, (NYSE: DOM) has 7% and BHP Billiton Petroleum (Deepwater) Inc., Melbourne, Australia, (NYSE: BHP) has 5%.
Recommended Reading
CorEnergy Infrastructure Aims for June Emergence from Bankruptcy
2024-06-03 - CorEnergy said the sale of its MoGas and Omega pipelines and repayment of its secured debt encouraged stakeholders to approve recapitalizing the company’s balance sheet.
Phillips 66 to Sell Interests in Rockies Express Pipeline to Tallgrass
2024-06-14 - Phillips 66’s sale to Tallgrass will generate $685 million in proceeds following debt and equity adjustments.
GeoPark, Vitol Sign Offtake Deal for Llanos 34 Block
2024-05-10 - Under the agreement, GeoPark will sell and deliver to Vitol a minimum of 20,000 bbl/d of oil from the Llanos 34 Block in Colombia, which GeoPark holds 45% working interest.
Global Partners Buys Four Liquid Energy Terminals from Gulf Oil
2024-04-10 - Global Partners initially set out to buy five terminals from Gulf Oil but the purchase of a terminal in Portland was abandoned after antitrust concerns were raised by the FTC and the Maine attorney general.
Antero Midstream Buys Summit Midstream Assets in $70M Deal
2024-05-03 - The deal by Antero Midstream strengthens Antero Resources’ gathering and compression in Marcellus Shale.