Australia's AWE, PPP, NZOG To Drill 2nd Oil Well Off NZ Coast

Posted by Joseph R. Fonseca
Monday, June 09, 2014

Australia's AWE Limited, Pan Pacific Petroleum and New Zealand Oil and Gas Ltd will drill a $ 40 million oil exploration well off the coast of New Zealand after they were unable to case a first well drilled at the site, NZ Oil and Gas said on Tuesday.

NZ Oil and Gas said in a statement that the new well would take up to 48 days to drill at the Oi prospect, in 120 meters of water about 40 kilometres offshore from the Taranaki region on New Zealand's North Island.

The joint venture would seal and abandon the first well, which was drilled to around 1,500 metres, the company said, adding that the new well would be drilled to a target depth of 3,881 metres.

AWE has given a pre-drill, un-risked best estimate prospective resource of 11 million barrels of recoverable oil. NZ Oil and Gas said it considered that the well had a 17 percent geological chance of success, and a 16 percent chance of commercial development .

Pan Pacific Petroleum holds a 50 percent share of the joint venture. AWE has a 31.25 percent stake, with NZ Oil and Gas holding the remaining share through a subsidiary.

In the event of a commercial discovery at the Oi prospect, Pan Pacific Petroleum said, the field may connect to and use spare capacity at the nearby Tui oil field, another joint venture project operated by the three companies.

New Zealand's Taranaki region is an oil and gas producing basin, where companies including Royal Dutch Shell, Austria's OMV and New Zealand's Todd Energy also have joint ventures to operate a handful of offshore fields.

(Reporting by Naomi Tajitsu)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

BSEE, USCG on Sharing Information, Jt Ops

Bureau of Safety and Environmental Enforcement (BSEE) Director Brian Salerno and U.S. Coast Guard Rear Admiral Paul Thomas participated in a luncheon panel discussion

MOL Launches Coastal LNG Transport in Indonesia

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) today teamed up with a local partner in Indonesia, PT Pelindo Energi Logistik (PEL; President

Ensco Lost 2 Petrobras Contracts

Ensco Plc has concluded discussions with Petrobras regarding revised commercial terms with respect to some rig contracts.   Ensco 6003 and Ensco 6004 had their contracts terminated effective May 1,

News

Concrete Floating Docks Delivered to Boston FD

As a part of a waterfront upgrade project at the Boston Fire Dept Burroughs Wharf Station, a floating dock system of Type 1200 concrete floating docks manufactured

ShipDC Launches with New Leader at the Helm

Ship Data Center Co., Ltd., a wholly owned subsidiary set up by ClassNK, has officially commenced operations of its big data center, ShipDC, from April 2016. Taking

Crowley Christens Third LNG-ready Product Tanker

Crowley Maritime Corporation christened the third of four new LNG-ready Jones Act product tankers at a May 5 ceremony at the Julia Street Cruise Terminal in New Orleans.

Offshore Energy

BSEE, USCG on Sharing Information, Jt Ops

Bureau of Safety and Environmental Enforcement (BSEE) Director Brian Salerno and U.S. Coast Guard Rear Admiral Paul Thomas participated in a luncheon panel discussion

MOL Launches Coastal LNG Transport in Indonesia

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) today teamed up with a local partner in Indonesia, PT Pelindo Energi Logistik (PEL; President

McDermott Wins Contract in Arabian Gulf

McDermott International Inc. received three separate engineering, procurement, construction, and installation (EPCI) projects in multiple Arabian Gulf fields.   The

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1228 sec (8 req/sec)