Sunda Energy submits application for New Zealand offshore permit
Key Highlights
- Successful acquisition of the permit could enable further delineation and potential development of the Awakino gas field.
- The application is consistent with the current New Zealand government's policy direction to support domestic gas supply and energy security.
Sunda Energy PLC has applied for a new petroleum exploration permit (PEP) within the offshore area of Taranaki basin on the west coast of New Zealand's North Island.
The PEP, which covers about 645 sq km, contains Awakino gas condensate field, which was originally drilled in 1985.
New Zealand Petroleum and Minerals (NZPAM)—the government agency responsible for regulating the exploration and development of the country's Crown-owned mineral and petroleum resources—has accepted the PEP application for entry into a 3-month open market competitive process, during which competing offers are invited, Sunda said.
Following the period of competition, NZPAM will assess the application and any competing offers before making a final decision on the permit award, .
If successful, the firm commitment program offered under the application consists of technical studies of existing well and field data and, within 36 months, reprocessing of 450 sq km of 3D seismic data. The program is designed to delineate the gas field for possible future appraisal and development, along with the evaluation of the area's exploration potential.
Sunda intends to pursue a wider growth strategy in New Zealand focused on gas exploration, development and production opportunities, both inside and outside the Matahio NZ permits. This PEP application represents a key step in executing that strategy, the company said.