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

An International Company’s Thoughts on New Zealand’s Petroleum Exploration and Development. Whakaaropai FPSO. OMV New Zealand Expenditures. Inception to date: ~ NZD 350 million Maui, Pohokura, Maari future: NZD 500+ million. Production Profile.

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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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