AWE, Pan Pacific Petroleum and New Zealand Oil and Gas will drill a new oil exploration well in Petroleum Mining Permit 38158 as they were unable to case a first well drilled at the site.
The new well, Oi-2, is expected to take about 48 days to drill, in 120m of water approximately 40km offshore from the Taranaki region in New Zealand.
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The joint-venture (JV) will seal and abandon the first well, Oi-1, which was drilled to a depth of 1,507m in a 17.5in hole.
Installation of a 13.375in casing was not completed due to well bore instability at a shallow depth.
The second well intends to identify the hydrocarbon potential of a four-way dip closed structure similar to the producing Tui, Amokura and Pateke fields.
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New Zealand Oil and Gas said in order to improve conditions, 13.375in casing will be set at 550m in Oi-2 instead of 1,500m planned in Oi-1.
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By GlobalDataThe move will allow the companies to set up a drilling fluids system at a shallow depth and enhance management of conditions in the well bore.
Australia-based AWE is participating in the Oi exploration wells at a reduced equity of 31.25%.
The company has the option to increase its equity participation in any future appraisal drilling and development to 57.5% by exercising the current buyback provisions.
Image: AWE is participating in the Oi exploration wells at a reduced equity of 31.25%. Photo: courtesy of New Zealand Oil and Gas.
