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 Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Rolls Royce Awards Fiber Rope Contract to Cortland

Cortland’s BOB rope helps reduce operating costs and improve installation time   Cortland announce the recent award of a patented BOB 12x12 Fiber Rope by Rolls

Intertek Provides Oil Condition Monitoring for Britannia

Intertek’s Farnborough laboratory is supporting P&O Cruises’ new flagship Britannia by providing independent oil condition monitoring (OCM) services which monitor

Aqueos Adds OSV to Service Line

Aqueos Corporation, a provider of subsea services to the Gulf of Mexico and Pacific Coast, has entered into a long term time charter of the OSV Clean Ocean, a California

Offshore

Tampnet, Marlink Partner for Offshore 4G Services

New low latency mobile communication services set to improve support of offshore vessel operations   Marlink and Tampnet have signed a partner agreement for the

Mexican Offshore Rig Accident Kills 2 Workers

Mexican oil company Pemex said an accident on Tuesday has left an offshore maintenance rig in the southern Bay of Campeche listing, killing two workers, but has not affected crude production.

Rolls Royce Awards Fiber Rope Contract to Cortland

Cortland’s BOB rope helps reduce operating costs and improve installation time   Cortland announce the recent award of a patented BOB 12x12 Fiber Rope by Rolls

News

Tampnet, Marlink Partner for Offshore 4G Services

New low latency mobile communication services set to improve support of offshore vessel operations   Marlink and Tampnet have signed a partner agreement for the

Martek Launches On-board ECDIS Training

U.K.-based ECDIS manufacturer Martek Marine Ltd. has partnered with German ECDIS training supplier Safebridge GmbH and the ECDIS Training Consortium to deliver

Mexican Offshore Rig Accident Kills 2 Workers

Mexican oil company Pemex said an accident on Tuesday has left an offshore maintenance rig in the southern Bay of Campeche listing, killing two workers, but has not affected crude production.

Offshore Energy

Tampnet, Marlink Partner for Offshore 4G Services

New low latency mobile communication services set to improve support of offshore vessel operations   Marlink and Tampnet have signed a partner agreement for the

Mexican Offshore Rig Accident Kills 2 Workers

Mexican oil company Pemex said an accident on Tuesday has left an offshore maintenance rig in the southern Bay of Campeche listing, killing two workers, but has not affected crude production.

Accident Reported on Offshore Rig off Mexico

An accident on an offshore rig in the southern Gulf of Mexico has injured 10 people, local media reported on Tuesday, but state oil company Pemex had no immediate details on the incident,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators 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: 0.2339 sec (4 req/sec)