OMV moves fast on new offshore Taranaki licence

OMV moves fast on new offshore Taranaki licence

July 6 (BusinessDesk) – OMV New Zealand has taken a 65% interest in a previously unawarded offshore Taranaki oil exploration licence, to the north-west of the producing Maari oil and gas field, with a 2-D seismic survey to occur almost immediately.

Octanex Ltd. will hold the remaining 35% interest, with OMV the permit operator.Petroleum Exploration Permit 53537 is located west of another permit area, PEP 51906, where the same joint venture partners are completing seismic surveys at present.

The OMV-operated Maari oilfield lies 25 km to the southeast, and to the west of the new permit area is the Bahamas prospect, PEP38483.

The announcement comes a day after the Austrian explorer announced it was seeking a two month extension to Sept. 10 of the deadline on its decision either to commit to a round of 3-D seismic or drill an exploration well in its Great South Basin tenements.

“OMV has been involved in the Taranaki region since first coming to New Zealand in 1999 and it remains a cornerstone of our New Zealand operations, in terms of both production and exploration,” said Peter Zeilinger, OMV New Zealand’s managing director, of the new permit area.

PEP 53537 work commitments include 2D and 3D seismic acquisition and reprocessing in the first 18 months, followed by technical studies. A “drill or drop” commitment is due by 5 July 2013.

It is intended to commence a 2D seismic survey in PEP 53537 using the same seismic vessel as is currently working PEP 51906.

(BusinessDesk) 14:16:58

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