New Zealand oil well produces 120 bpd after workover, expansion planned
According to World Oil, Monumental Energy Corp. reported initial oil production from the Ngaere-1 well in New Zealand’s Taranaki basin after successfully perforating a previously untested zone. The workover project, conducted with partners New Zealand Energy Corp. and L&M Energy Ltd., produced approximately 580 barrels in the first six hours and has generated roughly 3,000 barrels to date. Production has stabilized near 120 barrels per day, with the partners saying early revenues have already recovered the workover costs.
The well, originally drilled over 30 years ago, was recompleted in an upper section of the Mount Messenger Formation. Following these results, the partnership plans similar perforation operations at the Waihapa H1 and Ngaere-2 wells targeting the same formation.
What It Means for Subcontractors
- International workover projects demonstrate demand for specialized completion and stimulation services in mature basins worldwide
- Success with older wells using modern techniques creates potential opportunities for US contractors with workover expertise in international markets
- The quick payback on workover costs shows operators are willing to invest in proven enhancement techniques when economics work
