Murphy Oil has drilled a duster on its high-profile Titan deepwater wildcat in the Gulf of Mexico. The sidetrack probe to the original Titan-1 well failed to hit paydirt and has been plugged and abandoned. The U.S. indie will incur a pretax dry hole expense of about $66 million in third-quarter 2014.
Cairn Oil & Gas will drill about 300 development/injection wells and construct 205 well pads to increase production from the Barmer fields.
Drillers cut nine oil rigs in the week to March 22, bringing the total count down to 824, the lowest since April 2018, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report.
The independent U.S. energy producer aims to take a final investment decision on the $20 billion project in the coming months, having signed up long-term buyers for its LNG.