Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Matuku-1 drilling operations finalised

OMV New Zealand Media Release

31 January, 2014 OMV New Zealand Ltd

Matuku-1 drilling operations finalised

- Drilling operations completed at Matuku-1
- Wireline logs and drilling data to be analysed
- Kan Tan IV to be handed over to AWE

OMV New Zealand Ltd announces the completion of drilling operations on the Matuku-1 exploration well in the Taranaki Basin.
The well has been drilled to a total depth of 4846 m into the Cretaceous Rakopi Formation.

The well did encounter sandstones in the primary and secondary targets (Kapuni Group F-sands and North Cape Formation) as expected but did not confirm the presence of commercial quantities of hydrocarbons.
The well has been plugged and the rig is preparing to move off location.

A vast amount of logging and drilling data has been gathered which will now be used to update geological models of the area. This will help better predict where hydrocarbons may have been generated and trapped.

“Although it is disappointing that we didn’t discover a new major oil field, this is the nature of oil and gas exploration. The probability of making a new discovery is typically well below 50%. To be a successful explorer requires a long-term commitment and a willingness to continuously re-evaluate your geological model based on new information becoming available,” says OMV New Zealand Ltd Managing Director Peter Zeilinger.

The Kan Tan IV semi-submersible rig will be handed over to AWE for its drilling campaign, before OMV New Zealand takes the rig back to explore the Whio prospect in PEP 51313, south of the producing Maari Oil Field.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

OECD And Zero Carbon Reports: Environmental Pressures Rising In New Zealand

New Zealanders enjoy a high environmental quality of life and access to pristine wilderness. However, New Zealand’s growth model, based largely on exploiting natural resources, is starting to show its environmental limits with increasing greenhouse gas emissions and water pollution ... More>>

ALSO:

Statistics: Record Net Annual Migration Levels Continue

In the February 2017 year, 71,300 more migrants arrived in New Zealand than left, Stats NZ said today. This equalled the previous annual record set in January 2017. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news