An international consortium drilling for oil and gas off the coast of Guyana says it has decided to halt an exploratory high-pressure well over safety concerns.
Statements Monday by consortium members London-based Tullow Oil Plc and Toronto-based CGX Energy Inc. said the well would be capped at a depth of 4,876 meters. They said that they had reached a point in the well where the pressure design limits for safe operations prevented further drilling.
The consortium, which also includes Spain’s Repsol YPF, began the well off the South American country in February.
CGX President Kerry Sully said the company the area is promising and the company is committed to drill again using a new well design.