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28/11/2018 — Oil and Gas
Sapura sees technical gains in NZ

The Asian oil and gas giant 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.

In reporting this, the Singapore business website BusinessInsider said Sapura Energy is 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.

The website said areas that could be of interest include safety and the environment.

MNZCC chairman Bruce Hope told BusinessInsider that this prominent Malaysian oil & gas player 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 NZ. Hope said 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 - PEP 57075, PEP 51906, PEP 60091, PEP 60092 and PEP 60093.

All of the offshore exploration permits are in shallow water within the 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 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 Ltd (40%) and Mitsui (30%). All five permits will be operated by OMV.

Source: businessinsider.sg

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