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Cosmo Oil Gives Up on Qatar Block 11 Production

Source: Reuters 11/5/2010, Location: Middle East

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Japan's Cosmo Oil Co Ltd said it has given up on commercial production from the Block 11 offshore oil field in OPEC producer Qatar and has booked a 3.5 billion yen ($43 million) special loss as a result.

Cosmo, Japan's fourth-biggest oil refiner, said it and its partners could not find enough oil reserves in the block after they had drilled two trial wells.

Cosmo's wholly owned subsidiary, Cosmo Energy Exploration & Development Ltd, acquired a 29.5 percent stake in the field in 2008. Its partners were Germany's Wintershall Holding, the operator, and Anadarko Qatar Block 11 Company.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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