Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 


Oi-2 commences drilling

Oi-2 commences drilling


Drilling is underway in the Oi-2 well in Petroleum Mining Permit 38158, the operator has advised.

Drilling operations began at 5.30 this morning New Zealand time. The current operation is drilling ahead with a 36 inch drill to 228 metres.

Oi is about 37 kilometres off the coast of Taranaki, New Zealand, in about 120 metres of water. The well is a replacement for Oi-1, which was abandoned after encountering difficulties in the well bore at 1,507 metres. Oi-2 targets the same prospect and will be drilled to a planned total depth of 3,881 metres.

The operator has publicly stated a pre-drill un-risked best estimate prospective resource of 11 million barrels of recoverable oil. The New Zealand Oil & Gas share at drilled equity of 18.75 per cent is 2.06 million barrels, with the option to restore to 27.5 per cent equity (3 million barrels) in exchange for reimbursement of pro-rata costs and a buy back premium. A further joint venture partner, Pan Pacific Petroleum, has publicly released its own estimates of the prospective resource. New Zealand Oil & Gas considers the well has a 17 per cent geological chance of success, and a 16 per cent chance of commercial development.

The drilling programme is now planned to total around 48 days at a cost to New Zealand Oil & Gas estimated to be around USD8.34 million (updated figure).

Resources in this statement have been evaluated using a probabilistic methodology. The estimate of prospective resources referred to in this statement is based on, and fairly represents, information and supporting documentation prepared by New Zealand Oil & Gas Vice President of Operations and Engineering Andrew Jefferies (B Eng Mech Hons, Msc Pet Eng, MBA), a Society of Petroleum Engineers Certified Petroleum Engineer who has over 23 years of industry experience, and reflects and summarises the most current information
supplied by the joint venture operator. The estimated quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development.

Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

The joint venture partners in the Oi exploration well are:

AWE Limited: 31.25% (Operator).

Pan Pacific Petroleum: 50%

New Zealand Oil & Gas (through subsidiary): 18.75%.

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Populism And Labour 2017

For many people on the centre-left, populism is a dirty word, and a shorthand for the politics of bigotry. In this country, it has tended to be equated with the angry legions of New Zealand First. Who knew they were not just a reactionary spasm, but the wave of the future?

Certainly, at the end of this week, the next US President will have won office (at least in part) thanks to his proven ability at (a) scapegoating refugees and migrants (b) wooing neo-Nazis and racial supremacists (c) attacking journalists and judges (d) threatening to jail his opponents (e) urging nuclear proliferation and (e) by promising to restrict women’s rights to control their own fertility.

On the face of that campaign record, there wouldn’t seem to be much in common between Donald Trump and say, Spain’s centre-left populist party, Podemos. Yet arguably, the similarities could be instructive for the Labour/Green partnership here. More>>

 
 

Oxfam: 30% Of NZ Owns Less Wealth Than Our Two Richest Men

The research also reveals that the richest one per cent have 20 per cent of the wealth in New Zealand, while 90 per cent of the population owns less than half of the nation’s wealth. The research forms part of a global report released to coincide with this week’s annual meeting of political and business leaders at the World Economic Forum in Davos, Switzerland. More>>

ALSO:

Hospitals: Resident Doctors Set To Strike Again

Despite discussions between the DHBs and NZRDA over safer hours for resident doctors progressing during the last week, the strike planned for next week appears set to proceed. More>>

ALSO:

Not So Super Fund: More Burning Ethical Questions For Steven Joyce

Greens: Radio New Zealand reported this morning that the New Zealand Superfund has $77 million invested in 47 coal companies that the Norwegian Government’s Pension Fund – the largest sovereign fund in the world – has blacklisted. More>>

Activism: Greenpeace Intercepts World’s Biggest Seismic Oil Ship

Greenpeace crew have made contact with the world’s biggest seismic oil ship after travelling 50 nautical miles on two rigid-hulled inflatables off the coast of Wairarapa... Greenpeace radioed the master of the Amazon Warrior to deliver an open letter of protest signed by over 60,000 New Zealanders. More>>

ALSO:

Gordon Campbell: Why Tax Cuts In 2017 Would Be A (Proven) Bad Idea

Ever since the world fell prey to the mullahs of the free market in the 1980s, no amount of real world evidence has managed dispel one key tenet of their economic faith. Namely, the idea that if you cut income taxes and taxes on small business, a wave of individual enterprise and entrepreneurial energy will thus be unleashed, profits will rise and – hey bingo! – the tax cuts will soon be paying for themselves ... More>>

Liquor Sponsorship: Researchers Call For Ban On Alcohol Sponsorship Of Sport

“Due to alcohol sponsorship of sport, New Zealanders, including children, were exposed to up to 200 ads per hour they watched televised sport, and people watching football and tennis saw alcohol ads for almost half of each game,” says Associate Professor Signal. More>>

ALSO:

Mt Albert: Ardern For Labour, Genter For Greens

At the close of nominations, Jacinda Ardern was the sole nomination received for the position of Labour’s candidate for the Mt Albert by-election, says Labour General Secretary, Andrew Kirton. More>>

ALSO:

Earlier:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news