Wednesday, 17 February 2016

Statoil agrees farm-in with OMV in New Zealand - 17/02/2016

Statoil agrees farm-in with OMV in New Zealand 

Statoil has agreed with OMV to acquire a 30% working interest in Petroleum Exploration Permit (PEP) 57073. This will further strengthen Statoil’s position in New Zealand.

The permit covers an area of 9,800 square kilometres in the East Coast Basin, and sits in water depths of 1,000-2,000 metres. OMV will remain the operator with 70% working interest. The transaction is subject to regulatory approval.

“This is an underexplored area with the potential for multiple plays, offering a considerable exploration upside,” says Nicholas Alan Maden, senior vice president 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 square kilometres of exploration acreage in New Zealand, and all of these permits have staged exploration programmes. This is in line with our exploration strategy of accessing at scale,” says Maden.

OMV and Statoil will work together on the exploration programme 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.

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