Cosmo Oil gives up on Qatar Block 11 production

TOKYO, Nov 5 (BestGrowthStock) – Japan’s Cosmo Oil Co Ltd (5007.T: )
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 [WINT.UL],
the operator, and Anadarko (APC.N: ) Qatar Block 11 Company.
($1=80.75 Yen)
(Reporting by Osamu Tsukimori; Editing by Chris Gallagher)

Cosmo Oil gives up on Qatar Block 11 production