Oil Exploration: Oil Exploration Activity Rising
April 20th, 2010
Oil and gas exploration is at levels not seen since the 1980s, with around 40 exploration wells to be drilled next summer. Currently, in some of the deepest water drilled off Taranaki, a joint venture of Australian, Austrian and NZ companies hopes for results from the Hoki-1 wildcat well within a fortnight. Drilling operations at Hoki resumed last week after some essential repairs on the Kan Tan 1V semi-submersible rig’s drilling mast were carried out.
The Hoki-1 well, about 135km west of New Plymouth is being drilled in 330 metres water depth, and had reached 1505 metres in depth before drilling halted. The well, planned to be drilled to a total depth of about 3570 metres, is targeting a prospect which has the potential to contain 250mmbbls of oil.
After the Hoki well the Kan Tan 1V rig will be re-located to the Tui field, where it is scheduled to drill two targets adjacent to the currently producing field. Then it will move to the Northland Basin where the Australian-based Origin Energy has said it will start drilling in frontier territory around the middle of the year. By October ExxonMobil and Todd Energy must make a call on whether to drill in their permit in the Great South Basin, touted as having the potential to be a world-scale field.
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