New Zealand Awards 10 New Blocks to Oil Companies

New Zealand’s Energy and Resources Minister Simon Bridges on Wednesday announced the award of ten new oil and gas exploration permits as a result of Block Offer 2013.

New Zealand Awards 10 New Blocks to Oil Companies

The permits include five onshore permits across Taranaki and the East Coast and five offshore permits across the Reinga-Northland, Taranaki, and Great South-Canterbury Basins.

Collectively the permits represent approximately $62 million in committed expenditure on initial exploration which, if successful, could lead to further exploration work worth up to $720 million.

Bridges says the results show New Zealand is firmly on the map as a key destination for investors in oil and gas exploration.

“Block Offer 2013 attracted three new international companies to explore here, as well as expanded interest from companies already operating in New Zealand.”

Permits were awarded to Statoil, Woodside, New Zealand Oil & Gas, Octanex, Tag Oil, Eastern Petroleum & East West Petroleum, Petrochem, Mont D’Or

 “The award of exploration permits today is another important step toward unlocking New Zealand’s oil and gas potential, both on and offshore,” Bridges said.

 “Today’s announcement comes as we kick off one of the country’s largest oil and gas exploration seasons, with 13 wells being drilled offshore and around 30 onshore. On conservative estimates the industry is expected to spend $600 million to $755 million.

“The Government is committed to developing our oil, gas and mineral resources in a sensible, safe and environmentally responsible way. Block Offer 2013 is delivering on that,” Bridges said.

Information on the permits awarded and the Block Offer 2013 process is available at: https://www.nzpam.govt.nz/cms/petroleum/block-offer/2013-awards

[mappress]
December 06, 2013

 

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