Tullow Oil, a UK-based explorer in Africa and Asia, may sell its exploration licence in India after failing to find oil or natural gas.
The company last month concluded its campaign at three wells at India's block CB-ON/1, Exploration Director Angus McCoss said today on a conference call with reporters. The company had scaled back plans to explore four wells.
"The likely outcome will be that" the London-based company "will put it on the market for others who are interested in exploring the Cambay" basin, he said.
The explorer, with the most licenses in Africa, cut its full-year production forecast because of drilling delays and said it plans to book new reserves this year.
It plans to pump 67,000 barrels of oil equivalent a day this year, the London-based company said today in an e-mailed statement. That's less than the company's August forecast of 68,000 to 70,000 barrels a day.