Busy Time Ahead for New Zealandís Offshore Oil, Gas Industry

Busy Time Ahead for New Zealandís Offshore Oil, Gas Industry

The upstream sector in New Zealand’s offshore oil and gas industry is poised for greater activity over the next year as exploration work intensifies in the country. The buzz is expected to accompany an increase in offshore drilling by local and foreign companies as they increase their search for petroleum resources in the geographically remote country, located on the fringe of the western Pacific Ocean. The government has encouraged the quest to produce more hydrocarbons given the potential benefits to the economy.

Upcoming Kiwi Drilling Season

Noble Corp.’s newbuild Noble Bob Douglas (UDW drillship), now under construction at Hyundai Heavy Industries Co. Ltd.’s shipyard in Ulsan, South Korea, will head to New Zealand for its first assignment. It will begin testing 2-3 prospects for Anadarko Petroleum Corp. in November as part of an exploratory program in the deepwater Taranaki and Canterbury Basins that will run until early April 2014 at a dayrate of $618,000.

"The formations we're looking at [in New Zealand] are large, they look like they have the potential to meet our criteria for multiple trillions of cubic feet (Tcf) of gas … we're seeing similar-sized formations to what we've seen in places like Mozambique," Alan Seay, Anadarko’s New Zealand office spokesman told Reuters.

Busy Time Ahead for New Zealandís Offshore Oil, Gas Industry


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