Exploration permits get tweaking

An Oil Rig is anchored 7 miles off the Tangoio coast in Hawkes Bay/ Photo / Hawke's Bay Today

The work plan for exploration permits held by a joint venture in the Great South Basin is being tweaked before decisions on drilling.

The partners believe several prospective areas may benefit from 3D seismic definition before drilling and applications to modify the current work commitments to include the acquisition of 3D seismic data and/or drilling in the permits were approved by the Ministry of Economic Development on March 25.

The Great South Basin permits are held by OMV NZ, which is operator of the project and has a 36 per cent interest, PTTEP NZ (36 per cent) and Mitsui E & P Australia (28 per cent) The joint venture wants to make a decision to commit to further work by July 10.