Tullow Oil Abandons Guyana Well after Dismal Drilling Results

Tullow Oil, which holds 37.5% of the Kanuku block where the Beebei-Potaro exploration well lies, said it would work with its joint venture partners before deciding on its next steps.

Muhammed Husain, Reuters

Africa-focused Tullow Oil said on Aug. 5 it would abandon its drilling operations at an exploration well offshore Guyana after results showed the well bore water, sending its shares lower.

The group, which holds 37.5% of the Kanuku block where the Beebei-Potaro exploration well lies, said it would work with its joint venture partners before deciding on its next steps.

Spain’s Repsol SA, which operates the Kanuku license, and TOQAP, a joint venture between TotalEnergies SE and Qatar Petroleum, hold the remaining interests in the block.

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