Sapura Energy enters New Zealand and clinches stakes in five offshore permits

Malaysia’s Sapura Energy has entered into the New Zealand oil and gas market by farming into five offshore exploration permits within the Taranaki Basin. The farm-in agreements are with Austria’s OMV and Japan’s Mitsui.

“We are excited about our entry into New Zealand which may open up opportunities in a proven area for Sapura E&P,” said Shahril Shamsuddin, President & Group CEO, Sapura Energy Berhad, a global integrated oil and gas services company.

“This is a strategic entry for Sapura E&P and we will be working with our partners to mature potential drilling locations prior to making well commitments. The joint venture will see Sapura E&P utilising its sub-surface technical expertise to support the exploration activities within these exploration areas,” he added.

All five offshore exploration permits are in shallow water within the prolific oil and gas region of the Taranaki Basin, where discovered volumes to date total more than 2.5 billion barrels of oil equivalent. The agreement provides access to a large acreage footprint of more than 8,900 square kilometres.

The offshore exploration permits comprise PEP 57075, PEP 51906, PEP 60091, PEP 60092 and PEP 60093.

OMV is one of the country’s largest liquid hydrocarbon producers, the third largest gas producer and a major explorer in a number of offshore basins around New Zealand, particularly the Taranaki Basin.

Sapura E&P has a 30% interest in all five exploration permits, which will be operated by OMV New Zealand Limited.

The participating interests of PEP 57075 and PEP 51906 are held by Sapura E&P (30%) and OMV (70%) whilst participating interests of PEP 60091, PEP 60092 and PEP 60093 are held by Sapura E&P (30%), OMV (40%) and Mitsui E&P Australia Pty Limited (30%).

Source: Offshore Energy Today