NZOG reveals Taranaki basin drilling options

Offshore staff

WELLINGTON, New Zealand – New Zealand Oil and Gas (NZOG) is aiming to drill the Kakapo prospect offshore New Zealand’s Taranaki basin.

Timing of the well in the PEP 51311 permit will be determined by the availability of a suitable rig, which is unlikely before late 2012.

Operations can start after the Exclusive Economic Zone and Continental Shelf (Environment Effects) Bill, which is currently before New Zealand’s parliament, is passed into law.

The well site is in a water depth of 100 m (328 ft), around 25 km (15.5 mi) southwest of the Kupe production platform. The main target formation is at a subsurface depth of around 2,300 m (7,546 ft), with potential oil resources of more than 200 MMbbl.

Raisama will earn a 10% stake in the permit by paying 20% of the costs of the first well, capped at S$3m. NZOG aims to further reduce its cost exposure by attracting an additional farm-in partner.

In offshore concession PML 38146 (Kupe), operated by Origin Energy, assessment continues of undrilled prospects, which could lead to drilling of one or more in conjunction with second-stage development drilling on the Kupe central field area.

Last October, NZOG adds, a small diesel spill occurred from the generators on Kupe’s unmanned offshore platform. The incident was reported to Maritime NZ and action has since been taken to prevent a reoccurrence.

An inspection of the umbilical line running out to the platform from the shore identified partial deterioration in some of the clamps tying the umbilical to the pipeline. Repairs were implemented to ensure continued safe operation, and the partners now plan to install a new clamping system.

As the problem was identified as a flaw in the clamp design rather than general wear and tear, the operator is investigating issuing an insurance claim.

2/2/2012

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