Sapura Energy, through its wholly owned subsidiary Sapura Exploration and Production (NZ) (Sapura E&P), has signed a series of farm-in agreements to acquire a 30% interest in five offshore exploration permits within New Zealand’s Taranaki Basin.

The company reached the agreements with OMV New Zealand and Mitsui E&P Australia.

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Sapura Energy president and Group CEO Tan Sri Dato’ Seri Shahril Shamsuddin said: “We are excited about our entry into New Zealand, which may open up opportunities in a proven area for Sapura E&P.

“This is a strategic entry for Sapura E&P and we will be working with our partners to mature potential drilling locations prior to making well commitments.

“The joint venture will see Sapura E&P utilising its sub-surface technical expertise to support the exploration activities within these exploration areas.”

“The joint venture will see Sapura E&P utilising its sub-surface technical expertise to support the exploration activities within these exploration areas.”

The exploration permits to be farmed-in comprise PEP 57075, PEP 51906, PEP 60091, PEP 60092 and PEP 60093, and are located in shallow water within the oil and gas region of the Taranaki Basin.

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So far, more than 2.5 billion barrels of oil equivalent were discovered in the basin.

Through the agreements, Sapura will have access to an area spanning more than 8,900km².

All five offshore permits will be operated by OMV.

Sapura E&P will hold a 30% participating interest in PEP 57075 and PEP 51906, while the remaining 70% interest will be owned by OMV.

Apart from Sapura E&P’s 30% participating interest in PEP 60091, PEP 60092 and PEP 60093, OMV and Mitsui hold 40% and 30% in the permits, respectively.