Sharechat Logo

New exploration area for OMV offshore from Taranaki

Wednesday 6th July 2011

Text too small?

Austrian oil company OMV is the major stakeholder in an exploration licence awarded for 1146sq km of offshore Taranaki.

The area is to the west of a 1613sq km licence held by the same joint venture where a seismic survey was nearly completed, OMV New Zealand said today.

It was intended to use the seismic vessel doing that work to start a 2D seismic survey in the new area, where work commitments included 2D and 3D seismic acquisition and reprocessing, with a "drill or drop" commitment due in July 2013.

OMV has a 65 percent interest in both the exploration areas, with Octanex NZ having 35 percent.

The OMV-operated Maari oilfield is 25km to the southeast of the new exploration area.

"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," OMV New Zealand managing director Peter Zeilinger said.

OMV also has a 36 percent stake in a joint venture which has a permit for a 130,000sq km offshore area in the Great South Basin. Yesterday it announced it had asked for a two-month extension to the required timetable for making a decision on its next move in the area.


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

ArborGen Holdings Limited (NZX: ARB) Updates Market on FY22 Guidance
My Food Bag Group Limited (NZX: MFB) Q3 FY22 Trading Update
ikeGPS Group Limited (NZX: IKE) signs $0.9m deal with tier-1 electric utility
Tower Limited (NZX: TWR) Update on Tonga Volcanic Eruption and Tsunami Event
21st January 2022 Morning Report
Trade Window Holdings Limited (NZX: TWL) TradeWindow and Mastercard teams up
Genesis Energy Limited (NZX: GNE) FY22 Q2 Performance Report
Seeka Limited (NZX: SEK) Seeka announces dividend of 13 cents per share
20th January 2022 Morning Report
Z Energy Limited (NZX: ZEL) Q3FY33 Operating Data