Sapura Exploration and Production Sdn. Bhd., a wholly-owned subsidiary of Sapura Energy Berhad, has made inroads into New Zealand with a series of farm-in agreements to five offshore exploration permits within the Taranaki Basin.

The farm-in agreements, which have secured approval from the New Zealand government, are with OMV New Zealand Ltd. and Mitsui E&P Australia Pty. Ltd.

“We are excited about our entry into New Zealand which may open up opportunities in a proven area for Sapura E&P,” Tan Sri Dato’ Seri Shahril Shamsuddin, Sapura Energy Berhad’s president & group CEO, said.

“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 utilizing its subsurface technical expertise to support the exploration activities within these exploration areas,” he added.

All five offshore exploration permits are located in shallow water within the prolific oil and gas region of the Taranaki Basin, where discovered volumes to date total more than 2.5 billion barrels of oil equivalent. The agreement provides access to a large acreage footprint of more than 8,900 sq km (3,436 sq miles).

The offshore exploration permits comprise PEP 57075, PEP 51906, PEP 60091, PEP 60092 and PEP 60093.

Sapura E&P has a 30% interest in all five exploration permits, which will be operated by OMV New Zealand Ltd. The participating interests of PEP 57075 and PEP 51906 are held by Sapura E&P (30%) and OMV (70%) whilst participating interests of PEP 60091, PEP 60092 and PEP 60093 are held by Sapura E&P (30%), OMV (40%) and Mitsui E&P Australia Pty. Ltd. (30%).