Statoil expands New Zealand footprint via farm-in

Statoil ASA has agreed to acquire 30% working interest in petroleum exploration permit (PEP) 57073 offshore New Zealand from OMV AG.

The permit covers 9,800 sq km of the East Coast basin and lies in 1,000-2,000 m of water. OMV will remain operator with 70% interest. The deal is subject to regulatory approval.

The permit is adjacent to permits 57083, 57085, and 57087, awarded to Statoil and Chevron Corp. in 2014 (OGJ Online, Dec. 9, 2014).

“We now hold a working interest in more than 46,000 sq km of exploration acreage in New Zealand, and all of these permits have staged exploration programs,” said Nicholas Alan Maden, Statoil senior vice-president for exploration. “This is in line with our exploration strategy of accessing at scale.”

As part of the PEP 57073 exploration program in the coming years, OMV and Statoil will work together on geological and geophysical studies and seismic acquisition. Statoil says the work will provide information necessary to determine in 2021 whether or not a well commitment should be made in the permit.

In addition to the partnerships with Chevron and OMV in the East Coast and Pegasus basins, Statoil operates two exploration permits in the Reinga basin (OGJ Online, Dec. 5, 2013).

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