January 29, 2020 / 8:23 AM / 22 days ago

UPDATE 1-Kosmos abandons Oldfield exploration well in U.S. Gulf of Mexico

(Adds details on wells, background)

Jan 29 (Reuters) - Oil and gas explorer Kosmos Energy Ltd said on Wednesday it would abandon and plug the Oldfield exploration well in the U.S. Gulf of Mexico as it failed to find a significant amount of oil and gas.

Kosmos, which plans to drill three additional exploration wells in the Gulf of Mexico in 2020, said it expects about $24 million of exploration expenses related to the drilling of the Oldfield well.

Back in August 2018, Chief Executive Officer Andrew Inglis said the exit of a number of exploration and production companies from the Gulf of Mexico to onshore shale projects had created a space in the market for Kosmos to exploit.

Kosmos reported its first success from the Gulf Of Mexico exploration program in June 2019.

Last year, the company said it continues to high grade its multi-year infrastructure-led exploration prospect inventory in the Gulf of Mexico.

Reporting by Rishika Chatterjee in Bengaluru; Editing by Subhranshu Sahu

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