OMV New Zealand recently made a 65% interest in an offshore Taranaki oil exploration license. Octanex will be taking the remaining 35%, however OMV will be the permit operator. The Petroleum Exploration Permit (PEP) is located just west of another permit area.

After Australian explorerd had trouble justifying their involvement with the Great South Basis PEP made the announcement. OMV is seeking a two month extension till September 10. The organization will either commit to 3D seismic or drop the recent permit.

Peter Zellinger, OMV New Zealand’s managing director, of the new permit area states: “OMV has been involved in the Tarankai region since first coming to New Zealand in 1999 and it remains a cornerstone of our New Zealand operations, in terms of both production and exploration”.

The oil explorer has until July 10 to either start drilling or acquire 3D seismic surveys for the next year. It has applied to the Ministry of Economic Development to take more time making a decision. They are asking to push back the deadline until September 10.

They are hoping to use the seismic vessel to start a 2D seismic survey in the newer area.