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

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news