GNS Science is New-Zealand’s leading provider of Earth geoscience and isotope research, supporting the exploration, development and sustainable use of natural energy and mineral resources. Their extensive experience of New-Zealand’s geology and knowledge of petroleum systems make them a key player in the O&G exploration in New-Zealand.
The two companies have just signed an agreement to build a regional velocity model that will cover the entire Taranaki Basin and benefit from both GNS Science’s geological expertise and ESTIMAGES innovative geostatistical technology in regional velocity modeling.
The Taranaki basin is located along the central west coast of New Zealand’s North Island. It is prospective for oil, gas and condensate, and has been producing oil and gas commercially since the early 20th century. The basin possesses a north-northeast structural trend and is locally overlain with Quaternary volcanic rocks of the onshore Taranaki Peninsula. Today, basin produces from about 20 fields, including the Maui gas-condensate field. It has been actively explored by a wide range of companies, but is still relatively under-explored, with significant interest in its deep water potential. The offshore basin covers an area of 120,000 square kilometers.
The proposed 2017 blocks have been selected based on their prospectivity, available data and anticipated commercial interest. 3 of them are located on the Taranaki basin. Building such a velocity model over this area will bring an innovative tool for regional studies such as depth conversion, regional interpretation, new prospects and play generation, etc.. and provide a new perspective on the basin’s exploration plays.