Exploration and development action is percolating in New Zealand's Taranaki basin.
Offshore, on West of Maui petroleum exploration permit 38460, New Zealand Oil & Gas Ltd. (NZOG) is processing 1,017 km of new 3D seismic data along with 1,800 km of existing seismic data. The objective is to determine optimum drilling locations by mid-1997, with exploration drilling planned late in the year.
To the west, on petroleum mining license 38146, the company is nearing completion of interpretation of a major 3D seismic survey. Initial interpretation indicates that reserves at Toru and South Kupe fields may be greater than previous estimates, while reserves in the Kupe central field area are likely to be confirmed, the company said (OGJ, Dec. 30, 1996, p. 92).
On North Island, Ngatoro field output increased by 20% to 44,700 bbl in December from September. NZOG said Ngatoro production now averages about 1,500 b/d.
Last December, the government granted NZOG a 14-year petroleum mining permit (PMP38148) covering Ngatoro field, and the New Zealand government withdrew from the related exploration license, PPL38706. Ngatoro is the first field to produce under the government's hybrid royalty scheme, which NZOG said should extend profitability of the field (OGJ, Sept. 12, 1994, p. 23).
Copyright 1997 Oil & Gas Journal. All Rights Reserved.
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