Oil exploration company OMV New Zealand - which must decide in July on whether to commit to drilling in the Great South Basin or drop its permit - has purchased a 65% stake in an offshore Taranaki oilfield.
OMV has taken a 65% share in the exploration area from Octanex NL, a subsidiary of Australian-listed Octanex, reimbursing that company up to $1 million for its exploration costs to date. It will become the operator of the 1613sq km field.
OMV managing director, Wayne Kirk, said yesterday the field was adjacent to the Maari oil and Maui gas field. Taking over the licence included a commitment to drill by May 2013.
In addition to the "farm in" agreement, OMV will fund a 3-D seismic study programme which will begin in May, Mr Kirk said in a statement.
US company Anadarko is looking to drill off Oamaru, in the Canterbury Basin, next summer.
With the withdrawal last year of Exxon Mobil from the Great South Basin, OMV is now alone in its quest to possibly drill in the deepwater prospect.
