Royal Dutch Shell plc's subsidiary Shell New Zealand reported that as operator, the company confirmed that PTTEP New Zealand Ltd. has withdrawn its 18 percent share from the Great South Basin venture (Petroleum Exploration Permit 50119), located off the coast of New Zealand's South Island.
PTTEP has made the decision based on its current investment strategy.
The remaining joint venture parties Shell New Zealand, OMV New Zealand Ltd and Mitsui E&P Australia Pty Ltd are continuing the venture and are working through various options for how the partnership will be structured into the future.
“We remain dedicated to the venture and optimistic about the natural gas prospects in the Great South Basin. The decision to drill an exploration well and the timing of that drilling program is still being considered by the joint venture parties,” said Shell Country Chairman, Rob Jager.
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