Anadarko Petroleum, the Texas-based independent oil and natural gas producer, is close to floating a series of test wells off the coast of New Zealand as part of a planned project with partner Origin Energy to gain access to oil reserves in the Otago Coast.
Anadarko (APC) has taken seismic readings in the Canterbury Basin, which is south of Christchurch. The company is looking to start the test wells either later this year or early next year. Origin believed the Carrack and Caravel prospects held recoverable reserves of 750 million barrels of oil or 76,500 cubic meters of gas, according to a New Zealand press report.
A net oil importer, New Zealand has been looking to boost its oil output for several years. Thirty-five new wells were drilled in the country from January 2008 to July 2009, more than in previous decade combined, according to the New Zealand daily Stuff.