OMV takes 30% interest in Offshore Taranaki oil & gas permit

11/28/2012

OMV takes 30% interest in offshore Taranaki oil & gas permit

BY ARPAN  MUKHHERJEE
 
WELLINGTON -- OMV New Zealand said it has signed a farm-in agreement for a 30% interest in an offshore oil and gas permit off Taranaki, for an undisclosed sum, and will become the prospect's operator by the end of March. "The farm-in works well with our strategy to mature opportunities in the Taranaki basin in general, and in particular near our core area the Maari field," said Peter Zeilinger, Managing director.

The PEP51313 permit, also referred to as the Whio prospect, borders the Maari field, which has already produced 20 MMbo since production started in February 2009.

The other partners in Whio are Todd Exploration  with a 35% stake, Horizon Oil and Cue Taranaki, with stakes of 21% and 14% stakes, respectively. In the case of a commercial discovery at the prospect, OMV New Zealand's share will increase to 69% under the farm-in agreement, the statement added, without giving details.

The prospect is about 4 km from Maari installations, with a water depth of 95 m. OMV plans to start drilling at Whio in the summer of 2013-14, subject to the availability of a rig, it said.

Dow Jones Newswires

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