Jupiter Well a Duster
Monday, December 03, 2001
The well targeting the Jupiter prospect in Block 31 offshore Angola failed to produce oil shows. However, BP will move to another location on the same block to drill another well and will use the information gained from the well it just completed. The results will be of great concern to the other oil companies which have obtained stakes in ultra-deep licenses 31-34, now operated respectively by BP, TotalFinaElf, Exxon Mobil and Sonangol (in partnership with Norway's Norsk Hydro). These companies and their partners paid non-recoverable signature bonuses worth $1.1bn-$1.2bn for the rights to these four licenses.
About 85 percent of exploration wells in these deep water zones struck commercial quantities of oil, an extremely high average by world standards.