Sunda Energy has submitted an application for a new petroleum exploration permit covering an offshore area of New Zealand's Taranaki Basin as the company expands its focus on gas opportunities in the country.
The proposed permit covers approximately 645 square kilometers off the west coast of New Zealand's North Island and includes the Awakino gas condensate field, which was originally drilled in 1985.
The application follows Sunda's announcement in April of its conditional acquisition of Matahio Energy NZ Limited. The company said it intends to pursue a broader growth strategy in New Zealand focused on gas exploration, development and production opportunities both within and outside Matahio NZ's permit areas.
If awarded, the company has committed to carrying out technical studies of existing well and field data and, within 36 months, reprocessing 450 square kilometers of 3D seismic data. The work program is intended to further define the Awakino gas field for potential future appraisal and development while assessing the area's wider exploration potential.
The application has been accepted by New Zealand Petroleum and Minerals (NZPAM) for entry into its open market competitive process. It will now enter a three-month period during which competing applications may be submitted before NZPAM assesses all bids and decides whether to award the permit.
“Sunda’s application for an exploration permit covering the existing nearshore Awakino gas discovery further demonstrates our intent to grow a meaningful business in New Zealand in tandem with the previously announced conditional acquisition of the Matahio NZ production business.
“This application is consistent with the current New Zealand Government’s policy direction to support domestic gas supply and energy security. We look forward to making further announcements on our New Zealand initiatives in due course,” said Andy Butler, Sunda CEO.