A second party has gained an extension on a decision to drill in the Great South Basin.OMV New Zealand, which leads a joint venture with PTTEP New Zealand and Mitsui E&P Australia, confirmed the one-year extension to July 10, 2011.If it decides to dri
A second party has gained an extension on a decision to drill in the Great South Basin.
OMV New Zealand, which leads a joint venture with PTTEP New Zealand and Mitsui E&P Australia, confirmed the one-year extension to July 10, 2011.
If it decides to drill in its three permit areas, drilling (a total of five wells) would be required within the following year, but it rests on the results of ongoing evaluation of seismic and other geological data, OMV said in a statement.
In October, ExxonMobil and Todd Energy said it was looking for partners to farm-in to their permit in the Great South Basin before deciding whether to drill for oil and were granted a 12-month extension.
The basin, off the southeast tip of New Zealand, is estimated to have the most potential of all of the country's basins, with up to ten times the potential of the Maui field, which has so far produced 225 million barrels of oil.
In 2007, ExxonMobil New Zealand (Exploration) Limited (EMNZEL), which has a 90% stake and Todd Energy, with a 10% stake, along with the OMV consortium and Greymouth Petroleum were granted permits to explore up to 90,000 square kilometres.
This month, the OMV consortium started a second seismic survey in its permit areas, after acquiring nearly 16,000 kilometres of 2D seismic covering 48,000 square kilometers during the summer of 2007/2008.
The first survey highlighted areas justifying a denser seismic grid pattern for advanced analysis to improve forward planning, it said.
The new, four-week survey by Singapore-based Reflect Geophysical using the MV Bergen Resolution, will acquire an additional 2,600 kilometres of 2D data (subject to weather conditions).
