NZ Petroleum News for March 2005 - Crown Minerals
NZ Petroleum News for March 2005 - Crown Minerals
31 March 2005 - Issue 76
This month saw the formal announcement of the 2005 Offshore Outer Taranaki block offer. The announcement follows a package of exploration incentives from the Government last year which included a budget for the acquisition of seismic data to support Government blocks offers for petroleum exploration permits.
Acquisition of data from the Outer Taranaki basin was identified as a high priority because of the proven petroleum systems within the basin, and the speed with which any discoveries could be brought into production. For more information on the block offer visit www.crownminerals.govt.nz/petroleum/blocks
the Energy Minister Trevor Mallard and Associate Energy
Minister Harry Duynhoven welcomed the arrival of the vessel
"Pacific Titan" to New Zealand - the ship which will
complete the government-funded seismic survey off the North
Island's East Coast. This is survey is well underway and
you can keep up to date with progress at www.crownminerals.govt.nz/petroleum/seismic.html
In This Issue:
interest expected in Offshore Outer Taranaki Blocks Offer
2. Acreage Opportunities in Taranaki Basin
3. Mitsui to take stake in west Maui PEP 38483 for large 3D seismic survey
4. Swift Energy forms exploration joint venture with Mighty River Power
5. North Taranaki Mangatoa gas prospect now estimated at 3 TCF
6. Tap to drill large potential Barque prospect off Oamaru
7. Swift Energy to spend about NZ$54m drilling 10-15 wells in 2005
8. Roc Oil plans to drill Totara prospect south of McKee
9. New Zealand Refining boosts profits by 200% on higher margins
10. Greymouth to drill deep onshore Taranaki well near Pohokura gas field
11. NGC transports more gas, even though own gas sales down
International interest expected in Offshore Outer Taranaki Blocks Offer
New Zealand's growing international appeal as an
exploration destination is expected to result in strong
international bids for the Offshore Outer Taranaki basin the
Associate Minister of Energy, Hon Harry Duynhoven
Acreage Opportunities in Taranaki Basin
Westech Energy New Zealand
is accepting bids for its entire interests in Petroleum
Exploration Permits PEP 38732, PEP 38745 and the pending
Petroleum Mining Permit for the Windsor Field.
Mitsui to take stake in west Maui PEP 38483 for large 3D seismic survey
Japanese-based exploration and production company
Mitsui E&P New Zealand Ltd plans to take a larger stake in
the West Maui oil fairway in offshore Taranaki.
Swift Energy forms exploration joint venture with Mighty River Power
Downstream electricity generator and retailer Mighty
River Power has formed a joint venture with US-based Swift
Energy New Zealand Ltd to initially drill three wells in
2005 on the Tarata Thrust area of onshore Taranaki.
North Taranaki Mangatoa gas prospect now estimated at 3 TCF
north Taranaki gas prospect being evaluated for drilling by
New Zealand Oil & Gas Ltd (NZOG) and Origin Energy could
have reserve potential of as much as 3 trillion cubic feet
of gas, NZOG said in its December quarter 2004 report.
Tap to drill large potential Barque prospect off Oamaru
Perth-based Tap Oil
Ltd has switched targets for its first Canterbury Basin
well, Barque-1, to a large deepwater structure containing
potentially 5 to 6 trillion cubic feet of gas and several
hundred million barrels of condensate or oil.
Swift Energy to spend about NZ$54m drilling 10-15 wells in 2005
Swift Energy New
Zealand plans to increase its exploration activity in
Taranaki by drilling between 10 and 15 wells in 2005.
Roc Oil plans to drill Totara prospect south of McKee
Sydney-based Roc Oil
Company Ltd plans to drill a well on its Totara prospect,
between the McKee and Tariki fields onshore Taranaki, in
New Zealand Refining boosts profits by 200% on higher margins
Operator of the
Marsden Point Oil Refinery, the New Zealand Refining Company
Ltd, has reported a record after tax operating surplus of
$97.5 million for the year to 31 December 2004 as a result
of significantly higher world refining margins.
Greymouth to drill deep onshore Taranaki well near Pohokura gas field
Auckland-based Greymouth Petroleum plans to drill
the deep gas Turangi-1 well in PEP 38762 onshore Taranaki
between the offshore Pohokura gas condensate field and the
onshore Mangahewa deep gas field.
NGC transports more gas, even though own gas sales down
NGC Holdings Ltd gas
transportation volumes have shown steady growth despite the
tighter gas market and rising commodity prices, chairman
Michael Stiassny says in the company’s report for the six
months to 31 December 2004.
Freephone (NZ only) 0508 CM ESTATE (0508 263 782)
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Physical Address 33 Bowen Street, PO Box 1473
Wellington, New Zealand
Although information in this publication has been derived from sources believed to be reliable and accurate, no liability is accepted for any opinions expressed or for any errors or omissions. Readers should take specific advice before undertaking any action on the basis of this publication.