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

 


RESEND: NZOG says cost of Pateke well to be up to US$46M

RESEND: NZ Oil and Gas says all-up cost of Pateke-4H well to be US$40-US$46 mln

(Removes reference to percentage gain in first paragraph)

May 6 (BusinessDesk) - New Zealand Oil & Gas, the exploration company, says its total costs for the Pateke-4H prospect in the Tui field off the Taranaki coast will be US$40 million to US$46 million including the tie back to the floating storage/production vessel Umuroa.

Costs of the project include the $25 million for NZOG’s share of exploration and drilling. NZOG has 27.5 percent of Tui while operator AWE has 57.5 percent and Pan Pacific Petroleum has 15 percent. The costs “increased beyond the pre-drilling estimate” because of significant extra work to mitigate mechanical difficulties and drill two sidetracks, NZOG said today.

The company’s initial evaluation of the resource estimates 2.5 million barrels, of which its share would be 687,500 barrels.

“Preparations are being made to run the completion and suspend the well to enable production in the first quarter of 2015,” it said.

Last month, chief executive Andrew Knight told BusinessDesk potential Pateke production would bolster output rather than extend the life of the Tui oilfield.

NZOG’s shares gained 1.3 percent to 78.5 cents, and have slipped 3.7 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Season Ends: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news