Spanish oil company Repsol has called off exploratory drilling in the sea around the Canary Islands.
It said a discovery of oil and gas had been found but in water-logged subsoil and in small quantities.
Around 750 professionals, some based in the Canary Islands, worked on the research project.
The well, which had been drilled to a total depth of 3,0903metres, will now be sealed throughout the next week.
A spokesman said:” At the start of this campaign, Repsol estimated the possibility of finding hydrocarbons at between 15% and 20%.
“The company carried out the campaign in the belief that a discovery of hydrocarbons would be beneficial for the Spanish economy.
“The excellence of all operations related to this campaign was achieved thanks to the deployment of top professionals – not only from Repsol, but also from other contracted companies, some of them from the Canary Islands – and the use of cutting-edge technology such as the Rowan Renaissance dynamically-positioned UDW drillship, which was supported by four other vessels.”
Last year the company bought over Talisman Energy in an $8.3billion takeover.
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