Malaysian group Sapura Exploration & Production (Sapura E&P) has entered New Zealand after it farmed into several offshore exploration permits within the prolific Taranaki basin.
Sapura E&P, a wholly-owned subsidiary of Sapura Energy, signed farm-in agreements with OMV New Zealand and Mitsui E&P Australia over five offshore permits.
The deals have already secured the New Zealand government approval, Sapura E&P said in a statement.
The offshore exploration permits comprise PEP 57075, PEP 51906, PEP 60091, PEP 60092 and PEP 60093.
All five offshore exploration permits are located in shallow water within the prolific oil and gas region of the Taranaki basin, where discovered volumes to date total more than 2.5 billion barrels of oil equivalent.
The agreement provides access to a large acreage footprint of more than 8900 square kilometres,” Sapura E&P said.
The participating interests of PEP 57075 and PEP 51906 are held by Sapura E&P (30%) and OMV (70%) whilst participating interests of PEP 60091, PEP 60092 and PEP 60093 are held by Sapura E&P (30%), OMV (40%) and Mitsui (30%).
All five exploration permits will be operated by OMV.
“We are excited about our entry into New Zealand which may open up opportunities in a proven area for Sapura E&P,” chief executive of Sapura Energy Berhad, Tan Sri Dato’ Seri Shahril Shamsuddin said.
“This is a strategic entry for Sapura E&P and we will be working with our partners to mature potential drilling locations prior to making well commitments. The joint venture will see Sapura E&P utilising its sub-surface technical expertise to support the exploration activities within these exploration areas,” he added.