By OGJ editors
HOUSTON, Feb. 10 -- OMV New Zealand Ltd., wholly owned subsidiary of OMV AG of Austria, is the successful bidder for Block PEP 38485 (Block A) in the 2003 Taranaki basin license round. The block is 70 km off New Zealand's North Island. OMV, which will be operator, has obtained a 33.3% stake in a joint venture with Origin Energy Resources Ltd. 33.3% and Todd Petroleum Mining Co. Ltd. 33.3%.
The companies plan to conduct comprehensive seismic surveys over the next 2 years, expending about $300,000 for exploration.
OMV also is assessing development of the Maari oilfield in the Taranaki basin, and production is expected to begin in 2006 from Pohokura, New Zealand's largest undeveloped gas field.
