Austrian oil company OMV awarded licence

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Austrian oil company OMV is the major stakeholder in an exploration licence awarded for 1146sq km of offshore Taranaki.

The area is to the west of a 1613sq km licence held by the same joint venture where a seismic survey was nearly completed.

OMV has a 65 per cent interest in both the exploration areas, with Octanex NZ having 35 per cent.

The OMV-operated Maari oilfield is 25km to the southeast of the new exploration area.

OMV also has a 36 per cent stake in a joint venture which has a permit for a 130,000sq km offshore area in the Great South Basin.

It has asked for a two-month extension to the required timetable for making a decision on its next move in the area.