Kuala Lumpur, July 10, 2020 – SapuraOMV Upstream (SapuraOMV) together with Joint Venture partners Mitsui Exploration and Production Australia and OMV New Zealand had made a discovery with a positive result in the Toutouwai-1 exploration well in the Taranaki Basin, in New Zealand. The prospect is located 50 kilometres off the Taranaki coast in 130 metres of water.
Drilling commenced in the Petroleum Exploration Permit (PEP) 60093 in early March 2020 and the target reservoir was successfully reached in April 2020. Preliminary results are encouraging with several hydrocarbon charged layers encountered in the Cretaceous sandstones.
SapuraOMV is a strategic partnership between Sapura Energy Bhd. and OMV Exploration and Production GmbH, a subsdiary of Austria’s OMV Aktiengesellschaft.
“The positive discovery of Toutouwai, opens up an exciting opportunity for us,” remarked SapuraOMV Chairman Tan Sri Dato’ Seri Shahril Shamsuddin. He further added that, “This will create value and reinforce our overall growth plan as we remain agile especially during the times when we are impacted with the combination of the COVID-19 pandemic and the downturn in oil and gas prices.”
Shahril further added, “Moving ahead we are validating our strategies and delivery plans to stay on track to become the top oil and gas company in the Asia Pacific region.”
Currently, SapuraOMV is working with the Toutouwai Joint Venture partners, Mitsui E&P Australia and OMV NZ, on the additional work required to determine the well’s commercial viability. Given the operational risks posed to the offshore exploration drilling programme from the COVID-19 virus, the testing phase had to be curtailed.
The Toutouwai-1 exploration well is the third and final well in OMV NZ’s 2019/2020 exploration drilling campaign. At present, the well has safely been plugged and abandoned in accordance with New Zealand’s stringent regulatory requirements
