Sapura Energy’s NZ venture to spur cutting-edge collaborations
Oil & gas giant sees technical gains from New Zealand project
KUALA LUMPUR, MALAYSIA – Media OutReach – November 26, 2018 – Sapura Energy Bhd’s foray into New Zealand earlier this year could be the catalyst, not just for economic growth for the country, but also significant technical collaboration involving Sapura Energy, one of the biggest integrated oil & gas players in the world.
The Malaysian New Zealand Chamber of Commerce (MNZCC) acknowledged that this could be an excellent opportunity for both parties to benefit, especially in the field of technical training and skills development.
Areas that could be of interest include safety and the environment. New Zealand is already an established player in these very two critical aspects in the industry.
Chairman of MNZCC Bruce Hope feels that prominent Malaysian oil & gas players such as Sapura Energy stand to gain from New Zealand’s cutting-edge technical expertise and technology.
“New Zealand is a global leader in safety and the environment. We have pioneered the use of virtual reality (VR) in the area of technical training. We would like to see more Malaysians conduct this training in New Zealand,” said Hope.
MZNCC promotes and fosters bilateral trade, services and investment between Malaysia and New Zealand. Hope added that both countries should look forward to increased trade growth from the Sapura Energy projects in the region for the many years to come.
Sapura Energy President and Group CEO Tan Sri Shahril Shamsuddin is equally optimistic about the company’s progress into the New Zealand market.
“We are excited about our entry into New Zealand which may open up opportunities in a proven area for Sapura E&P,” said Shahril after the deal was announced earlier this year.
“This is a strategic entry for Sapura E&P and we will be working with our partners to mature potential drilling locations prior to making well commitments. The joint venture will see Sapura E&P utilising its sub-surface technical expertise to support the exploration activities within these exploration areas,” Shahril said.
In March this year, Sapura Exploration & Production (Sapura E&P) entered the New Zealand market with several offshore exploration permits within the prolific Taranaki basin in the country, with approvals from the New Zealand government.
Sapura E&P is a wholly-owned subsidiary of Sapura Energy. It signed farm-in agreements with OMV New Zealand and Mitsui E&P Australia for five offshore permits. The deal includes offshore exploration permits PEP 57075, PEP 51906, PEP 60091, PEP 60092 and PEP 60093.
All of the offshore exploration permits are located in shallow water within the prolific oil and gas region of the Taranaki basin, with total discovered volumes of more than 2.5 billion barrels of oil equivalent to date.
The deal will provide Sapura Energy with access to a footprint of more than 8900 square kilometres. The participating interests of PEP 57075 and PEP 51906 are held by Sapura E&P (30%) and OMV (70%) while participating interests of PEP 60091, PEP 60092 and PEP 60093 are held by Sapura E&P (30%), OMV New Zealand Limited (40%) and Mitsui (30%). All five exploration permits will be operated by OMV.