Development of OMV discovery could deliver $1b-plus to Crown

Tue, 14 Apr 2020

Development of an oil and gas discovery off the Taranaki coast has the potential to deliver the government more than $1 billion in royalties and taxes and could help secure long-term energy supply if there is sufficient gas to warrant piping it ashore.Energy consultancy Enerlytica last year modelled a development of the potential discovery in the Toutouwai prospect 50 kilometres off Cape Egmont. Operator OMV today said its drilling encountered hydrocarbons in several layers of sandstones in the 4,300 metre-deep Toutouwai-1 well.Enerlytica direc...

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