Statoil Agrees to Acquire 30% Stake in New Zealand's PEP 57073
Statoil has agreed to acquire a 30 percent working interest in Petroleum Exploration Permit (PEP) 57073 in New Zealand from OMV.
Following the transaction, which is subject to regulatory approval, OMV will remain the operator with a 70 percent working interest. The permit covers an area of 3,783 square miles in the East Coast Basin and sits in water depths of between 3,280 and 6,561 feet.
OMV and Statoil will work together on the exploration program in PEP 57073, which is adjacent to permits 57083, 57085 and 57087, which were awarded to Chevron and Statoil in 2014. The program includes geological and geophysical studies, as well as seismic acquisition “over the coming years”, according to a Statoil statement. This work will provide information necessary to decide if a well commitment should be made in the permit in 2021.
Statoil Senior Vice President for Exploration, Nicholas Alan Maden, commented in a company statement:
“This is an underexplored area with the potential for multiple plays, offering a considerable exploration upside.
“We now hold a working interest in more than 46,000 square kilometres (17,760 square miles) of exploration acreage in New Zealand, and all of these permits have staged exploration programs. This is in line with our exploration strategy of accessing at scale.”
In addition to the partnerships with Chevron and OMV in the East Coast and Pegasus basins, Statoil also operates two exploration permits in the Reinga basin.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- 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