Oil and gas explorer Kosmos Energy Ltd. said on Jan. 29 it would abandon and plug the Oldfield exploration well in the U.S. Gulf of Mexico (GoM) as it failed to find a significant amount of oil and gas.
Kosmos, which plans to drill three additional exploration wells in the GoM in 2020, said it expects about $24 million of exploration expenses related to the drilling of the Oldfield well.
In August 2018, CEO Andrew Inglis said the exit of a number of E&P companies from the GoM to onshore shale projects had created a space in the market for Kosmos to exploit.
Kosmos reported its first success from the GoM exploration program in June 2019.
Last year, the company said it continues to high grade its multi-year infrastructure-led exploration prospect inventory in the GoM.
As the hydrocarbon industries face intensifying pressure from stakeholders to emit less, nine oil and gas leaders share their viewpoints on how the industry should deal with expectations versus reality and why that might cut across the grain.
The system reduces the impact of operations on the environment around the well site. Galea has several fail-safe features to ensure containment and eliminate potential wire-breaks during interventions.
Hanwha Solutions leads financing round, with participation from other leading strategic energy investors.