New Zealand

Petrobras International Braspetro BV was awarded the first exploration permit in the unexplored Raukumara basin off the North Island’s northeast coast.

By OGJ editors
HOUSTON, June 2
– Petrobras International Braspetro BV was awarded the first exploration permit in the unexplored Raukumara basin off the North Island’s northeast coast.

The 5-year award covers 12,330 sq km comprising all of Block 2 and part of Block 1. No commercial exploration has been conducted in the area, from 4 to 110 km off East Cape. Number of bids and names of other bidders weren’t disclosed (OGJ Online, Dec. 11, 2008).

Braspetro is to shoot 3,000 line-km of 2D seismic within 18 months and interpret it within 24 months with an option to surrender. The company also proposed to shoot 800 sq km of 3D seismic within 36 months and interpret it within 24 months with an option to surrender. It may drill one exploration well within 60 months.

Estimated costs are $5 million for 2D seismic, $7 million for 3D seismic, and $106 million for an exploratory well.

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