New Zealand’s Barque prospect may have LNG potential

Jun 14, 2007 02:00 AM

The Barque deep-water gas and condensate prospect in New Zealand's Canterbury basin is large enough to underpin a liquefied natural gas project, according to venture partner Beach Petroleum.
The exploration well is likely to be drilled in early 2008, according to recent guidance from operator Tap Oil, and lies in about 850 metres of water. It is targeting 5 tcf of gas and 500 mm barrels of condensate.

Barque-1 sits in frontier Block PEP 38259 off the east coast of the South Island.
The all-Australian partners in the permit -- operator Tap (40 %), Australian Worldwide Exploration (25 %), Beach Petroleum (20 %) and Anzon (15 %) -- last year drilled a non-commercial well in the same block called Cutter-1. Cutter was a smaller prospect in shallow water.

The partners believe Barque is worthy because of its huge potential upside. The Barque-1 well is located 55 km from the Galleon-1 well, which was drilled in 1985 and flowed 2,240 barrels of condensate per day and 10 mm cfpd of gas.
Other large structures have also been mapped in the permit including Galleon South.

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