The confirmation of a positive result at the end of OMV’s exploration campaign off Taranaki’s coast has been welcomed by regional development agency Venture Taranaki.

“While the response to Covid-19 has meant the programme was cut short, news of encouraging results can be seen as a good sign for the region and supports the view that Taranaki’s long-term prospects remain bright,” says Venture Taranaki chief executive Justine Gilliland.
“The third and final well of the current drilling season, a lot of hopes were resting on the Toutouwai-1 exploration well delivering a good result, though there is still much work to be done before the full potential of the find is known.”
“While Taranaki is moving strongly to supplement our energy mix with clean energy sources, we recognize the importance of natural gas as a transition fuel while developments in other generation modes are further developed.”
“Taranaki’s energy sector comprises significant employment, economic activity and expertise, and this discovery will provide a welcome signal to these enterprises, people and their families, at a time when there is significant uncertainty as we fight Covid-19.”