The study is understood to have centred on Block B6/27, which contains the shallow-water Nang Nuan oilfield. PTTEP and JX Nippon have been looking at ways of rejuvenating the area, and a crucial part of this process was the drilling of an exploration well, NKW-N01, which spudded on 14 January this year.
However, the well did not encounter hydrocarbons, and the ensuing feasibility study has found that, at this stage, a new project is not economically viable, said sources.
PTTEP
