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    OMV to Farm Out Stake in New Zeland Offshore Licence to Statoil

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Summary

OMV's New Zealand subsidiary will farm out 30 percent in hydrocarbon licence offshore New Zealand to Statoil.

by: Shardul

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Asia/Oceania

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OMV to Farm Out Stake in New Zeland Offshore Licence to Statoil

OMV's New Zealand subsidiary will farm out 30 percent interest in hydrocarbon licence offshore New Zealand to Statoil.

The National Business Review on Tuesday reported that the Austrian firm will farm out 30 percent interest in the deep-sea Pegasus Basin off the east coast of the lower North Island.

The New Zealand government awarded the licence for 15 years in 2014.

OMV gained a 15-year exploration licence under Petroleum Exploration Permit 57073 in the New Zealand government's 2014 block offer. After the farm out OMV will remain the operator.

"OMV and Statoil will work together on the exploration programme including geological and geophysical studies, as well as seismic acquisition over the coming years," OMV NZ's managing director Peter Zeilinger said. "The work will provide information necessary to decide, in 2021, if a well commitment should be made in the permit."

 

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