Oi well to start again after drilling difficulties

Tue, 10 Jun 2014

By Pattrick Smellie Jun. 10 (BusinessDesk) - The cost of the US$27 million exploratory oil and gas Oi well offshore Taranaki has risen to US$40 million, largely as a result of the drilling partners being forced to plug and abandon the first well, which The Oi-1 well is a partnership between operator AWE (31.25 percent), Pan Pacific Petroleum (50 percent) and New Zealand Oil & Gas, (18.75 percent), with costs of the re-drill to be borne by the partners in proportion to their shareholdings in the prospect, which is testing a structure simi...

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