Oil Search has completed a drilling update on two of its wells in Papua New Guinea and the Kurdistan Region of Iraq (KRG).
The company said the Taza 3 ST1 oil appraisal well in KRG has been plugged and abandoned with the rig being demobilised.
The forward plan is to evaluate the results of the drilling, together with the recently proposed seismic, prior to making further drilling decisions.
The value of deals in the worldwide oil and gas industry reduced progressively throughout 2008 before slumping in the final quarter of the year following the dramatic dip in oil prices, according to a new report.
The North Sea oil and gas business is not on the edge of any investment precipice due to current worldwide financial turmoil, an industry leader stressed yesterday.
