An oil and gas industry analyst believes BP’s decision to abandon the Ephesus Well is a bad sign for the industry.

Rob Strong says they key word with the announcement is that they are abandoning the well, rather than suspending operations.

A suspension, he explains, means there is a potential for them to return, however abandonment means they are going to plug the well and leave.

“She’s gone b’y, she’s gone” says strong, noting that the drill rig is leaving and going to the Gulf of Mexico. Strong doesn’t know if it will ever return, noting that BP has been quiet on their reasoning for abandonment.

Strong says the move will also result in a significant loss of jobs.

Strong estimates there are over 200 jobs tied up both on and offshore. Then there are the other companies that are also tied up in the project.