OMV New Zealand Limited is signing a farm-out agreement with Statoil New Zealand B.V. for the petroleum exploration permit (PEP) 57073 in the Pegasus Basin.
Subject to regulatory approval, Statoil will take a 30% interest in PEP 57073 and OMV (70%) will remain the operator.
OMV and Statoil will work together on the exploration programme including geological and geophysical studies, as well as seismic acquisition over the coming years.
The work will provide information necessary to decide, in 2021, if an oil well commitment is viable in the Permit.
“OMV values the benefits that joint ventures bring to our exploration business,” says its managing director Peter Zeilinger.
“It’s our first partnership with Statoil in New Zealand, and we intend to build on the existing global relationships we have with the company,” he says.
