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

 


Another Taranaki well comes up dry

Another Taranaki well comes up dry

By Pattrick Smellie

Aug. 26 (BusinessDesk) - The string of unsuccessful offshore oil exploration wells continues, with the Whio-1 well to be plugged and abandoned, despite hopes it would find commercial quantities of hydrocarbons because of its proximity to the producing Maari oil and gas field.

Whio was regarded as highly prospective, but operator OMV and other partners in the well announced today it would be plugged and abandoned after encountering only sandstone throughout its total depth of 2,834 metres.

The drilling targeted prospects in Whio A sand and M2A sandstones, and the Moki, Mangahewa, Kaimiro and Farewell formations, several of which have proven to harbour hydrocarbons reserves at other locations.

Whio-1 was drilled by the semi-submersible drilling rig Kan Tan IV some 110 kilometres south-west of New Plymouth, and 4.5 kms from the Maari well-head platform.

The abandonment caps a disappointing series of outcomes from exploration both in highly prospective offshore Taranaki locations and at wildcat sites in deep water off Taranaki, North Cape, and the Canterbury Basin as part of a burst of oil exploration activity that began last summer and is expected to continue through into 2015.

Participants in Whio-1 were OMV (operator) at 30 percent, Cue Taranaki at 14 percent, Todd Exploration (35 percent), and Horizon Oil, 21 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news