Spanish oil company Repsol has completed the exploration well, located offshore the Canary Islands.
The well, spudded in November, in the Atlantic Ocean about 60 kilometres from Lanzarote and Fuerteventura was drilled to analyse the possible existence of hydrocarbons.
According to the company, the analysis of samples obtained showed the presence of gas (from methane to hexane) but without the necessary volume nor quality to consider future extraction.
While the exploratory survey confirmed that oil and gas have been generated in the basin, the deposits found have been saturated with water and the hydrocarbons present are in very thin, non-exploitable layers.
“No further exploratory activity will be carried out in this area, and the Rowan Renaissance dynamically-positioned drillship will return to Angola to continue Repsol’s exploration campaign in that country,” Repsol has said.