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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news