OMV Awarded New Exploration Permit Offshore New Zealand
OMV is boosting its New Zealand portfolio with a new offshore exploration permit on the west coast of New Zealand's North Island.
OMV New Zealand, a wholly owned subsidiary of OMV, has been awarded the entire offshore exploration Block PEP 381200 by the New Zealand Government Regulatory Authority (NZ MoED). The permit is granted for a term of five years, commencing on September 1, 2007. The new offshore block lies in an average water depth of 1,000 meter in the Taranaki basin. Work on the awarded block will commence early 2008 with the acquisition of a 2D seismic survey.
Helmut Langanger, Head of Exploration and Production at OMV, said: "Our new exploration permit strengthens our presence in New Zealand, where further growth is scheduled."
The new permit is located in the Taranaki basin, in proximity to OMV´s existing assets Pohokura, Maui and Maari. Pohokura is the second largest gas field in New Zealand and covers circa 40% of the country's gas demand with its production of approximately 40,000 boe/d. In 2006, OMV, with its combined share of Maui and Pohokura gas production, became the third largest gas producer supplying approximately 11% of the New Zealand market. OMV, as operator of the Maari oil field, in conjunction with its joint venture partners (Todd Maari Ltd, Horizon Oil International Ltd and Cue Taranaki Pty Ltd), is currently developing the largest undeveloped oil field in New Zealand. Oil production from the Maari field is planned to commence in 2008. The gross peak production of the Maari field is planned at 35,000 bbl/d. OMV's 69% share of Maari oil production, together with natural gas liquids from both the Pohokura and Maui fields, will make OMV the leading liquid hydrocarbon (oil and condensate) producer in New Zealand.
OMV has been active in Australia/ New Zealand, one of OMV's six E&P core regions, since 1999. OMV has offices both in Perth, Australia, and in Wellington, New Zealand. OMV's New Zealand activities are run by 46 employees in Wellington and the Maari project team in Perth. In New Zealand, OMV now has interests in 7 exploration permits and in 3 petroleum mining permits.
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