Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Karoon Gas Faces Setback as Brazil Well Doesn't Yield Oil

change text size

SYDNEY - Karoon Gas Australia Ltd. faced a setback to its exploration offshore Brazil after a well in the Santos basin didn't unearth any significant oil reserves.

Despite early signs of oil in the Emu-1 well, drilled to a depth of 4,381 meters in a joint venture with Pacific Rubiales Energy Corp., further testing indicated its main reservoirs contained water instead of oil, Karoon said in a statement Monday.

"There is evidence that there may be some thin sand sections that may contain hydrocarbons, (and) sampling and analysis of these sands is continuing," Karoon said.

Emu-1 is the second well in the Brazilian exploration campaign. The first, Kangaroo-1, discovered oil and Karoon wants to drill another well, Kangaroo-2, nearby to assess that discovery. The joint venture also plans to drill another well, Bilby-1, in the Santos basin later this year.

Copyright (c) 2012 Dow Jones & Company, Inc.

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Most Popular Articles
From the Career Center
Jobs that may interest you
Senior Project Manager (SURF Installation)
Expertise: Subsea Engineering
Location: Houston, TX
 
Petroleum Reservoir Engineer
Expertise: Petroleum Engineering, Reservoir Engineering
Location: Houston, TX
 
Drilling Engineer - Full Time
Expertise: Drilling Engineering
Location: Houston, TX
 
search for more jobs