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MINING: Angola (MRB Nov 2001): Deep-sea drilling fails.
There was consternation in Luanda when BP announced that its first ultra-deep water oil well off Angola has turned out dry. The news deflated the government's ambitious projections, set out at an international oil meeting in Luanda at the end of the month, though geologists remain confident about future strikes.
Industry analysts said the results would be of concern to oil companies who had paid non-recoverable signature bonuses in 1999 of $1.1 - $1.2 billion for rights to ultra deep licences in blocks 31-34. It is estimated BP paid more than ...
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