Tullow Oil has said a well on the Langlitinden prospect in Norway, in which the Irish-listed company has a 15 per cent stake, will be permanently plugged and abandoned after the operator of the well failed to find commercial levels of oil.
Operator Det Norske said it drilled down to 2,878 metres below sea level and encountered an oil-bearing channel sand of triassic age.
“Extensive data sampling, including cores, wireline logs and fluid samples have been performed. Based on preliminary analysis, Det norske is of the opinion that the volumes proven in this well, as of today, are insufficient to justify a field development.”
The news comes just two months after Tullow had to abandon and plug the Mantra wildcat well, also in Norway, after failing to find oil or gas. Earlier in December Tullow also drilled a dry hole in Ethiopia.
Tullow’s revenues advanced by 13 per cent to €2.6 billion last year, and the group’s operating cash flow increased by 7 per cent. Profits were hit however by a combination of factors, including an increase in exploration write-offs of $200 million to $871 million. Profits before tax slumped by 72 per cent, down to €313 million.
