Sapura Energy forays into New Zealand

By TMR / Graphic By TMR

SAPURA Energy Bhd’s fully owned unit, Sapura Exploration and Production (NZ) Sdn Bhd (Sapura E&P), has signed a series of farm-in agreements for five offshore exploration permits within the Taranaki Basin in New Zealand.

The farm-in agreements, which bear the approval of the New Zealand government, are with OMV New Zealand Ltd and Mitsui E&P Australia Pte Ltd, the group told Bursa Malaysia yesterday.

Sapura E&P holds a 30% interest in all five permits, which will be operated by OMV New Zealand — one of the country’s largest liquid hydrocarbon producers, the third-largest gas producer and a major explorer in a number of offshore basins around New Zealand.

All five permits are located in shallow water within the prolific oil and gas region of the Taranaki Basin, where discovered volumes to date total over 2.5 billion barrels of oil equivalent.

The agreements provide access to an acreage footprint of more than 8,900 sq km. The offshore exploration permits comprise PEP 57075, PEP 51906, PEP 60091, PEP 60092 and PEP 60093.

For PEP 57075 and PEP 51906, Sapura E&P will hold a 30% participating stake and OMV New Zealand 70%, while for PEP 60091, PEP 60092 and PEP 60093, Sapura E&P will take a 30% stake, OMV New Zealand 40% and Mitsui E&P Australia 30%, Sapura noted.