Pukeko-1 Results Disappointing
New Zealand Oil & Gas
Wire line logging operations at Pukeko-1 offshore New Zealand have now been completed. Over the
interval 4055-4160 meters, where gas peaks and oil shows were observed while
drilling, wire line log data indicate interbedded shales and sands with poor reservoir quality.
It is possible that the shows encountered while drilling may be remnants of an ancient oil field that has subsequently been spilled by later tectonic movements in the area.
Over the interval 3910-3917 meters, wire line log data indicate sandstone with poor reservoir quality.
While there does not appear to be an economically producible oil column at this location, the Joint Venture is strongly encouraged by the extensive oil shows in the well, as these have confirmed the oil play in the area west of the Maui Field. The Operator of the PEP 38460 Joint Venture is now investigating options for early acquisition of 3D seismic in order to define potential up dip of Pukeko-1.
It is expected that the Ocean Bounty drilling rig will be released tomorrow in order to drill a third party well. The Joint Venture will take the rig back in mid July to drill Pateke-1 and Kiwi-1 in the area close to the Tui and Amokura oil discoveries.
New Zealand Oil & Gas Limited holds a 12.5% interest in PEP38460 through subsidiary Stewart Petroleum Company Limited.
Other participants in the venture are New Zealand Overseas Petroleum Limited (operator) 45%; WM Petroleum Limited (a subsidiary of Pan Pacific Petroleum N. L.) 10%; AWE New Zealand Pty Limited 20%; and Mitsui E&P New Zealand limited 12.5%
It is possible that the shows encountered while drilling may be remnants of an ancient oil field that has subsequently been spilled by later tectonic movements in the area.
Over the interval 3910-3917 meters, wire line log data indicate sandstone with poor reservoir quality.
While there does not appear to be an economically producible oil column at this location, the Joint Venture is strongly encouraged by the extensive oil shows in the well, as these have confirmed the oil play in the area west of the Maui Field. The Operator of the PEP 38460 Joint Venture is now investigating options for early acquisition of 3D seismic in order to define potential up dip of Pukeko-1.
It is expected that the Ocean Bounty drilling rig will be released tomorrow in order to drill a third party well. The Joint Venture will take the rig back in mid July to drill Pateke-1 and Kiwi-1 in the area close to the Tui and Amokura oil discoveries.
New Zealand Oil & Gas Limited holds a 12.5% interest in PEP38460 through subsidiary Stewart Petroleum Company Limited.
Other participants in the venture are New Zealand Overseas Petroleum Limited (operator) 45%; WM Petroleum Limited (a subsidiary of Pan Pacific Petroleum N. L.) 10%; AWE New Zealand Pty Limited 20%; and Mitsui E&P New Zealand limited 12.5%
RELATED COMPANIES
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension