Sapura Energy’s NZ venture to spur cutting-edge collaborations

November 26, 2018 - 04:23
Sapura Energy’s NZ venture to spur cutting-edge collaborations

Oil & gas giant seestechnical gains from New Zealand project


KUALA LUMPUR, MALAYSIAMedia OutReach - November 26,2018 - Sapura Energy Bhd's foray intoNew Zealand earlier this year could be the catalyst, not just for economicgrowth for the country, but also significant technical collaboration involvingSapura Energy, one of the biggest integrated oil & gas players in theworld.


The Malaysian New Zealand Chamberof Commerce (MNZCC) acknowledged that this could be an excellent opportunityfor both parties to benefit, especially in the field of technical training andskills development.


Areas that could be of interestinclude safety and the environment. New Zealand is already an establishedplayer in these very two critical aspects in the industry.


Chairman of MNZCC Bruce Hopefeels that prominent Malaysian oil & gas players such as Sapura Energystand to gain from New Zealand's cutting-edge technical expertise and technology.


"New Zealand is a global leaderin 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 Malaysiansconduct this training in New Zealand," said Hope.


MZNCC promotes and fostersbilateral trade, services and investment between Malaysia and New Zealand. Hopeadded that both countries should look forward to increased trade growth fromthe Sapura Energy projects in the region for the many years to come.


Sapura Energy President and GroupCEO Tan Sri Shahril Shamsuddin is equally optimistic about the company'sprogress into the New Zealand market.


"We are excited about our entry into New Zealand which mayopen up opportunities in a proven area for Sapura E&P," said Shahril afterthe deal was announced earlier this year.


 "This is a strategicentry for Sapura E&P and we will be working with our partners to maturepotential drilling locations prior to making well commitments. The jointventure will see Sapura E&P utilising its sub-surface technical expertiseto support the exploration activities within these exploration areas," Shahrilsaid.


In March this year, Sapura Exploration & Production(Sapura E&P) entered the New Zealand market with several offshoreexploration permits within the prolific Taranaki basin in the country, withapprovals from the New Zealand government.


Sapura E&P is a wholly-owned subsidiary of SapuraEnergy. It signed farm-in agreements with OMV New Zealand and Mitsui E&PAustralia for five offshore permits. The deal includes offshore explorationpermits PEP 57075, PEP 51906, PEP 60091, PEP 60092 and PEP 60093.


All of the offshore exploration permits are located inshallow water within the prolific oil and gas region of the Taranaki basin,with total discovered volumes of more than 2.5 billion barrels of oilequivalent to date.


The deal will provide Sapura Energy with access to afootprint of more than 8900 square kilometres. The participating interests ofPEP 57075 and PEP 51906 are held by Sapura E&P (30%) and OMV (70%) whileparticipating interests of PEP 60091, PEP 60092 and PEP 60093 are held bySapura E&P (30%), OMV New Zealand Limited (40%) and Mitsui (30%). All fiveexploration permits will be operated by OMV.