Statoil buys into OMV exploration license in New Zealand
STAVANGER, Norway -- Statoil has agreed to acquire a 30% working interest in New Zealand’s Petroleum Exploration Permit (PEP) 57073 from OMV.
The permit covers an area of 9,800 km2 in the East Coast basin, and sits in water depths of 1,000-2,000 m. OMV will remain the operator with a 70% working interest.
“This is an underexplored area with the potential for multiple plays, offering a considerable exploration upside,” said Nicholas Alan Maden, Statoil’s senior V.P. for exploration.
The permit is adjacent to permits 57083, 57085 and 57087, which were awarded to Chevron and Statoil in 2014.
“We now hold a working interest in more than 46,000 km2 of exploration acreage in New Zealand, and all of these permits have staged exploration programs. This is in line with our exploration strategy of accessing at scale,” Maden said.
OMV and Statoil will work together on the exploration program in PEP 57073. This includes geological and geophysical studies, as well as seismic acquisition over the coming years. The work will provide information necessary to decide, in 2021, if a well commitment should be made in the permit.
In addition to the partnerships with Chevron and OMV in the East Coast and Pegasus basins, Statoil also operates two exploration permits in the Reinga basin.
