Statoil Acquires 30% Stake in Exploration Permit PEP 57073 Off New Zealand

OMV New Zealand Limited disclosed Tuesday that it has signed a farm out agreement with Statoil New Zealand B.V. for petroleum exploration permit (PEP) 57073 in the Pegasus Basin offshore New Zealand.

Subject to regulatory approval, Statoil will take a 30 percent  interest in PEP 57073 and OMV (70 percent) will remain the operator.

OMV and Statoil will work together on the exploration program including geological and geophysical studies, as well as seismic acquisition over the coming years. The work will provide information necessary to decide, in 2021, if a well commitment should be made in the Permit.

“OMV is proud of its standing as trusted partner and major explorer in New Zealand and we value the benefits that joint ventures bring to our exploration business,” Peter Zeilinger managing director of OMV New Zealand said. “OMV is excited with our first partnership with Statoil in New Zealand and we intend to build on the good existing relationships that we have with Statoil globally.”

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