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.
Recommended Reading
OTC: E&Ps Improving Operational Safety with Digitization
2024-05-13 - Artificial intelligence and the digitization of the oilfield have allowed for several improvements in keeping operators out of harm’s way, panelists said during the 2024 Offshore Technology Conference.
Exclusive: Cost-effective Benefits of Extracting from Mature Assets
2024-05-13 - Baker Hughes' well abandonment leader Bart Joppe details the importance of extracting resources from mature assets and the company's approach to managing a well, in this Hart Energy Exclusive interview.
TGS Starts Up Multiclient Wind, Metaocean North Sea Campaign
2024-05-07 - TGS is utilizing two laser imaging and ranging buoys to receive detailed wind measurements and metaocean data, with the goal of supporting decision-making in wind lease rounds in the German Bright.
Spate of New Contracts Boosts TechnipFMC's Subsea Profits
2024-04-30 - TechnipFMC's operational profits are growing as the company heightened its focus on “quality” subsea orders, which earned $2.4 billion for the first quarter.
Message in a Bottle: Tracing Production from Zone to Wellhead
2024-04-30 - New tracers by RESMAN Energy Technology enable measurement while a well is still producing.