OMV has made a ‘significant’ hydrocarbons discovery in the Taranaki basin off the west coast of the North Island. The Toutouwai-1 wildcat, drilled to a total depth of 4,317 m some 50 km off the coast in 130 m of water, encountered several hydrocarbon-charged reservoir zones during drilling.
News comes following a premature end to the company’s 2020 drilling program offshore New Zealand because of the COVID-19 lockdowns. Because of the decision to cut the program short, no testing was done, but OMV said the potential is significant as there has not been a major find in the country since 2006 (OGJ Online, Apr. 3, 2020).
Toutouwai-1 has now been plugged and the semi-submersible rig COSL Prospector has left the region.
OMV and its JV partners, Mitsui E&P Australia and Sapura, will study the well logs and carry out additional work to better understand the potential for commercial viability.
New Zealand has less than 11 years of natural gas reserves remaining at current demand rates. If confirmed, the discovery will provide a boost to industry and the economy.
