Statoil agrees farm-in with OMV in New Zealand

Source: Statoil

Statoil has agreed with OMV to acquire a 30% working interest in Petroleum Exploration Permit (PEP) 57073. This will further strengthen Statoil’s oil & gas position in New Zealand.

Statoil has agreed with OMV to acquire a 30% working interest in Petroleum Exploration Permit (PEP) 57073. This will further strengthen Statoil’s oil & gas position in New Zealand.

The permit covers an area of 9,800 square kilometres in the East Coast Basin, and sits in water depths of 1,000-2,000 metres. OMV will remain the operator with 70% working interest. The transaction is subject to regulatory approval.

The permit is adjacent to permits 57083, 57085 and 57087 which were awarded to Chevron and Statoil in 2014.

OMV and Statoil will work together on the exploration programme in PEP 57073. This includes geological and geophysical studies, as well as seismic acquisition over the coming years. The work will provide information necessary to decide, in 2021, if 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 also operates two exploration permits in the Reinga basin.

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