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

 

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Efficiency: Businesses And Households To Save From New Energy Plans

Minister of Energy and Resources Simon Bridges today announced three energy efficiency initiatives to improve business productivity, save money and reduce carbon emissions. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news