BPTT Stops Deep Ibis Drilling

UK oil company BP's (NYSE: BP) Trinidad & Tobago subsidiary BPTT has stopped drilling the Deep Ibis well due to the lack of significant hydrocarbons-bearing structures in the target reservoir system.

BPTT took the decision after four months of drilling to a depth of 19,068 feet (5,812m), the subsidiary said in a statement.

Ibis Deep is in US oil company EOG Resources' (NYSE: EOG) licensed acreage in the South East Coast Consortium (SECC) block. BPTT operated the venture on behalf of SECC partners.

The well was the deepest exploratory well ever drilled in Trinidad & Tobago and cost some US$80mn, the statement added.

Commenting on the decision to stop drilling, BPTT chairman and CEO Robert Riley said: "I can assure the national community that the result by itself does not mean the end of our exploration efforts in Trinidad and Tobago. We remain committed to our current exploration program going forward."

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