U.S. operator Freeport-McMoRan Oil & Gas has failed to find oil at the MZ-1 exploration well, offshore Morocco.
According to the company’s partner in the Mazagan permit, Pura Vida Energy, the MZ-1 exploration well offshore Morocco has drilled through the three prognosed Jurassic fans and the well has reached a final depth of 6,150 metres, with preliminary results showing no oil was found.
Apart from disclosing the MZ-1 update, Pura Vida said it had been informed by Freeport-McMoRan, that the operator would cancel the second slot at the Atwood Achiever drillship it has under the rig sharing agreement with Kosmos Energy . The second slot should have been used for the second well in the Mazagan permit, but the operator will now look for a cheaper unit.
“Rates for deep water drillships have fallen sharply since the Atwood Achiever was contracted and the Operator has cancelled the second slot under the rig share agreement in order to contract another vessel to take advantage of the current weakness in market conditions for rigs with the aim to reduce the cost of the second well,” Pura Vida said in the update.
According to the piece of information revealed by Pura Vida, the drilling of the second well must begin by no later than September 2016, as stipulated by the farmin agreement between the two firms, entered into January 2013.
Offshore Energy Today staff