Drilling off N.Z.
Broken Hill Proprietary; Company, Ltd, says that Shell-BP Todd Oil Services,: Ltd, is to drill an offshore; well in New Zealand waters: under a farmout agreement: [ with B.H.P.’s subsidiary, Hematite Petroleum (N.Z.) Ltd. and its partners, in | which the farminees will earn 60 per cent of the interest held by the title holders.. The well, Turi No. 1, will be! [the first drilled by the semisubmersible drilling unit. Penrod 74. The location is within Petroleum Prospectling Licence 687, held by 'Hematite (50 per cent). Esso Exploration and Production I (N.Z.) Inc. (25 per cent) and N.Z. Offshore Petroleum 1 I Company (25 per cent). On completion of. the well, 'Hematite will retain a 9.8 'per cent interest in any discovery.
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Press, Volume CXV, Issue 33774, 21 February 1975, Page 16
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123Drilling off N.Z. Press, Volume CXV, Issue 33774, 21 February 1975, Page 16
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