Oil strike in Taranaki Basin

Last updated 07:27 29/11/2012

Relevant offers

The Taranaki-focused oil explorer New Zealand Energy has announced its fifth oil discovery.

The company, listed on the Toronto Stock Exchange, said the onshore Waitapu-2 well had hit oil in the Mt Messenger Formation in the Taranaki Basin, and it was flowing at 325 barrels of oil and 800,000 cubic feet of natural gas a day. While the oil was currently being trucked to the Shell-operated Omata Tank Farm, 45 kilometres to the north, the company planned to shut in the well soon to test pressure buildup.

That would help it determine whether to lay a new pipeline to connect to the Waihapa Production Station.

The company said it planned to drill another four wells with a view to raising its production to 3000 barrels of oil-equivalent by the end of the first quarter of 2013.

Ad Feedback

- Taranaki Daily News

Special offers
Opinion poll

Would you shave your hair off for charity?

Yes! I've already done it.

Yes, I've considered it.

No, I'd prefer to contribute in other ways.

Not in a million years.

Vote Result

Featured Promotions

Sponsored Content

Family Notices


View marriage and birth notices from around the region


Death Notices

View obituaries from around the region