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.

NZPA



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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:

Geneva Finance Limited (NZX: GFL) Half Year Results
The New Zealand Refining Company Limited (NZX: NZR) NZ announces equity raising
Asset Plus Limited (NZX: APL) Result for the six months ended 30 September 2021
Me Today Limited (NZX: MEE) 30 September 21 Results and Conditional Placement
Oceania Healthcare Limited (NZX: OCA) Delivers Improved Performance Despite COVID-19
29th November 2021 Morning Report
Radius Residential Care Limited (NZX: RAD) Announces Half Year Results of FY22
NZ Automotive Investments Limited (NZX: NZA) Interim Results for Half Year 2022
Greenfern Industries Limited (NZX: GFI) Releases Interim Results
Hallenstein Glasson Holdings Limited (NZX: HLG) Announcement of Final Dividend