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An International Company’s Thoughts on New Zealand’s Petroleum Exploration and Development

Explore OMV New Zealand's approach to achieving sustainable growth in petroleum exploration through strategic acquisitions, exploration expansion, and government collaboration. Learn about overcoming challenges, maximizing profitability, and enriching net resources. Discover the roadmap to building a successful and lucrative exploration business in New Zealand.

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An International Company’s Thoughts on New Zealand’s Petroleum Exploration and Development

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  1. An International Company’s Thoughts on New Zealand’s Petroleum Exploration and Development Whakaaropai FPSO

  2. OMV New Zealand Expenditures • Inception to date: ~ NZD 350 million • Maui, Pohokura, Maari future: NZD 500+ million

  3. Production Profile • Profile approaches OMV core area criteria if/when Pohokura and Maari come on stream • Need to also meet core area profitability criteria • How to build a sustainable business / fill the gap? The Gap

  4. Building a Sustainable Business • Possible upward revision of recoverable reserve estimates in existing discoveries – unlikely to be of such significance as to fill the gap • Acquisitions / Trades – limited opportunities in the NZ market • Exploration success • True add to the company and country’s • net resources • Requires considerable time to appraise • and develop

  5. Jump Start Exploration • Need to expand acreage position both within and outside of the Taranaki Basin • Need to spend more dollars sooner • Need to drill more wells sooner • Need NZ government assistance

  6. Exploration Expansion Strategy • Get into NZ via Maari • Expand into PEP 38472 in 2001 • Expand into PEP 38481/38482 • in 2002 • Expand into other Basins in ??

  7. Making NZ Exploration More Attractive • Broadening permitted acreage and terms • Joint government / industry seismic data collection in basins where little is known to date • Continue AFO system but extend term from 3 to 5 years with well commitment in year 5 • Enhance availability of infrastructure • Find a way to make it commercially attractive for vessels to remain in NZ for more than 180 days in a tax year • Foster enhanced communication and coordination between operators • Provide open access to the Maui pipeline Maui A

  8. Making NZ Exploration More Attractive • Fiscal incentives • Consider uplift of exploration deductions carried forward for CIT purposes • Demonstrate flexibility with fiscal regime to progress development of otherwise marginal discoveries

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