Southern oil and gas evaluation will be continued by New Zealand Oil and Gas (NZOG) throughout 2015, at its two permits in the Canterbury Basin and the other in the Great South Basin.
While revenues are centred on Taranaki fields, with emphasis on more potential from the Kupe gas field, NZOG expects a shipborne seismic survey at the Toroa prospect, south of Dunedin, to be done during this quarter.
NZOG owns 30% and Woodside Energy is the operator, owning 70% of the permit.
While the 60% plunge in global oil prices had prompted NZOG to withdraw from staking any new prospects, exploration and evaluation at its existing permitted areas is continuing.
NZOG's quarterly operating report last week said a 3-D survey would be made at Toroa, covering about 1100sq km.
At its other southern permits, the Galleon and Clipper prospects near Oamaru, the findings from earlier seismic surveys are both in the final data-processing stages.
Clipper, a 50:50 venture with Beach Energy, with NZOG the operator, is expecting resource evaluations by the end of the year.
Galleon, of which NZOG is the 100% owner and operator, expects to complete its obligations of its second year of work.
A decision is required by the end of the year on whether to gather more seismic data.
Gas from NZOG's 15% share in the Kupe field is acting as a buffer against the slump in oil prices.
The field is being reassessed this year, on the belief recoveries from existing fields may be higher than earlier forecasts.
Kupe generated $15.6 million revenue for NZOG during the quarter, while Tui delivered $11.7 million.
The Pateke 4H well at Tui is due to be connected to the floating production ship Umaroa this quarter.
Production beginning in the following quarter, is estimated to recover 2.4 million barrels of oil.
