Tullow Oil has announced that its Marina-1 exploration well in the Tumbes formation has not encountered any significant hydrocarbons. The well was drilled in 362m of water to a depth of 3,022m. It is the first deep water well to be drilled in Peru. The share price has lost 80% of its value since November following weak results in various countries.
Notwithstanding this important setback, Tullow has said it will continue its search for oil and gas in Peru’s offshore bloc.
As we have reported, there have been significant protests from local communities against the exploration. Fishermen fear that oil prospection will harm the marine environment.