Page 32 - Oil&Gas-AustralAsia-2015-Issue-1
P. 32
N EW ZELAND
Kea hands in permit as sale looms
By Marie RYAN
An exploration rig in New Zealand’s Taranaki region.
Image courtesy of NZ Government.
Local New Zealand player Kea Petrole- metres of 3D seismic data and, follow- The third offshore well drilled in New
um has handed in its offshore Taranaki ing interpretation of the data, identified Zealand discovered the ‘giant’ Maui
Basin PEP52333 also known as the a 16 square kilometre 3-way dip and gas-condensate field in 1969. More
Mercury Permit as cost pressures bight. fault closed prospect with original re- recently, oil discoveries have been made
Kea had presented the prospect to a source potential estimated by manage- offshore with the Tui and Maari fields
number of potential farm-in partners ment to contain 108 - 688 (P90 - P10) along with the Kupe and Pohokura gas
however, given the present challeng- million barrels of oil in place. discoveries.
ing environment resulting from the The PEP 52333 permit covers an area In September 2008, Kea was awarded
fall in the oil price and lack of success of 232.5 square kilometres, mainly off- two exploration permits (PEP 51153
in recent offshore exploration in New shore in the north Taranaki area. and PEP 51155) in the onshore Tarana-
Zealand, it has not been able to reach Key Petroleum is currently undergoing ki Basin. These permits were awarded
an agreement to commit to drilling an a strategic review with a view to be sold by the Ministry of Economic Develop-
offshore well before September. with the chairman stating Rockpoint’s ment following a competitive bidding
Kea Petroleum chairman Ian Gow- Corporate Finance strategic review round; ‘2008 Onshore Taranaki Block
rie-Smith said he was disappointed process is at an early stage in valuing Offer’.
that the company had been unable to the company. In July 2010 a further exploration per-
complete a farm-out of Mercury. Kea’s exploration permits are in located mit (PEP 381204) was acquired from
“It is prudent to surrender the permit,” key value areas both onshore and off- Genesis Power Limited; a wholly owned
Mr Gowrie Smith said. shore acreage in the Taranaki basin, on subsidiary of New Zealand Government
“Our limited resources must be the west coast of New Zealand’s North owned Genesis Energy. In 2010 Genesis
focussed on our lower cost onshore Island. Energy made the strategic decision to
permits at Mauku and Puka as we seek The onshore Taranaki Basin is home to exit the upstream energy market and
to secure funding to enable the drilling the McKee field – Australasia’s largest focus on downstream activities.
of our Shannon prospect, he said. onshore oil play, Waihapa – Australa- In October 2010 Kea was awarded per-
As part of an agreed work program sia’s highest onshore flow rate field, plus mit PEP 52333 via the Priority in Time
since acquiring the block in 2010, Kea two other major gas-condensate fields Method.
has collected about 119 square kilo- namely; Kapuni and Mangahewa. In February 2012, Kea was awarded an
extension of 23.4 square kilometres to
PEP 51155.
Kea Petroleum’s The staged approach to acreage acquisi-
offshore acreage, tion created a portfolio of prospects and
PEP52333 permit in permits at varying stages of maturity
the north Taranaki together with an active drilling sched-
Basin New Zealand. ule, enabling Kea to utilise its resources
Image courtesy of in the most efficient manner. §
Mudrock Media.
A A30 OIL & GAS ustral SIA MARCH/APRIL 2015 www.oilandgasaustralasia.com
Kea hands in permit as sale looms
By Marie RYAN
An exploration rig in New Zealand’s Taranaki region.
Image courtesy of NZ Government.
Local New Zealand player Kea Petrole- metres of 3D seismic data and, follow- The third offshore well drilled in New
um has handed in its offshore Taranaki ing interpretation of the data, identified Zealand discovered the ‘giant’ Maui
Basin PEP52333 also known as the a 16 square kilometre 3-way dip and gas-condensate field in 1969. More
Mercury Permit as cost pressures bight. fault closed prospect with original re- recently, oil discoveries have been made
Kea had presented the prospect to a source potential estimated by manage- offshore with the Tui and Maari fields
number of potential farm-in partners ment to contain 108 - 688 (P90 - P10) along with the Kupe and Pohokura gas
however, given the present challeng- million barrels of oil in place. discoveries.
ing environment resulting from the The PEP 52333 permit covers an area In September 2008, Kea was awarded
fall in the oil price and lack of success of 232.5 square kilometres, mainly off- two exploration permits (PEP 51153
in recent offshore exploration in New shore in the north Taranaki area. and PEP 51155) in the onshore Tarana-
Zealand, it has not been able to reach Key Petroleum is currently undergoing ki Basin. These permits were awarded
an agreement to commit to drilling an a strategic review with a view to be sold by the Ministry of Economic Develop-
offshore well before September. with the chairman stating Rockpoint’s ment following a competitive bidding
Kea Petroleum chairman Ian Gow- Corporate Finance strategic review round; ‘2008 Onshore Taranaki Block
rie-Smith said he was disappointed process is at an early stage in valuing Offer’.
that the company had been unable to the company. In July 2010 a further exploration per-
complete a farm-out of Mercury. Kea’s exploration permits are in located mit (PEP 381204) was acquired from
“It is prudent to surrender the permit,” key value areas both onshore and off- Genesis Power Limited; a wholly owned
Mr Gowrie Smith said. shore acreage in the Taranaki basin, on subsidiary of New Zealand Government
“Our limited resources must be the west coast of New Zealand’s North owned Genesis Energy. In 2010 Genesis
focussed on our lower cost onshore Island. Energy made the strategic decision to
permits at Mauku and Puka as we seek The onshore Taranaki Basin is home to exit the upstream energy market and
to secure funding to enable the drilling the McKee field – Australasia’s largest focus on downstream activities.
of our Shannon prospect, he said. onshore oil play, Waihapa – Australa- In October 2010 Kea was awarded per-
As part of an agreed work program sia’s highest onshore flow rate field, plus mit PEP 52333 via the Priority in Time
since acquiring the block in 2010, Kea two other major gas-condensate fields Method.
has collected about 119 square kilo- namely; Kapuni and Mangahewa. In February 2012, Kea was awarded an
extension of 23.4 square kilometres to
PEP 51155.
Kea Petroleum’s The staged approach to acreage acquisi-
offshore acreage, tion created a portfolio of prospects and
PEP52333 permit in permits at varying stages of maturity
the north Taranaki together with an active drilling sched-
Basin New Zealand. ule, enabling Kea to utilise its resources
Image courtesy of in the most efficient manner. §
Mudrock Media.
A A30 OIL & GAS ustral SIA MARCH/APRIL 2015 www.oilandgasaustralasia.com
