OMV New Zealand reported Friday that it has completed drilling operations on the Matuku-1 well in the offshore Taranaki Basin, but that the well failed to find commercial quantities of hydrocarbons.
The Matuku-1 well was drilled some 15,900 feet into the Cretaceous Rakopi Formation. Although it encountered sandstones in both its primary and secondary targets (Kapuni Group F-sands and the North Cape Formation), it did not find commercial hydrocarbons. The well has now been plugged and abandoned.
OMV said that a "vast amount" of logging and drilling data has been gathered that will now be used to update geological models of the area. The firm said the data would help better predict where hydrocarbons may have been generated and trapped.
"Although it is disappointing that we didn't discover a new major oil field, this is the nature of oil and gas exploration. The probability of making a new discovery is typically well below 50 percent. To be a successful explorer requires a long-term commitment and a willingness to continuously re-evaluate your geological model based on new information becoming available," OMV New Zealand Managing Director Peter Zeilinger said.
OMV added that the Kan Tan IV (DW semisub) rig will be handed over to AWE for its drilling campaign, before OMV New Zealand takes the rig back to explore the Whio prospect in the PEP 51313 permit, south of the producing Maari oilfield.
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