New Zealand awards O&G exploration permits

New Zealand’s Energy and Resources Minister Simon Bridges today announced the award of 15 new oil and gas exploration permits as a result of Block Offer 2014.

Block Offer 2014 includes six onshore permits across the Taranaki, West Coast and East Coast basins, and nine offshore permits across the Reinga-Northland, Taranaki, and Pegasus basins.

Collectively the permits represent more than $110 million in committed expenditure on initial exploration which, if successful, could lead to further work worth more than $1 billion.

Bridges says the results show New Zealand continues to cement its reputation as a key destination for investors in oil and gas exploration.

“Block Offer 2014 has attracted three new companies to explore here, as well as expanded interest from local and international companies already operating in New Zealand.”

“I am very pleased that as part of Block Offer 2014 we will welcome three new entrants to the New Zealand sector. Two are major overseas companies with significant resources and extensive worldwide experience – Chevron, in a joint venture with Statoil, and ONGC Videsh.

“I’m also pleased to see the third new entrant is a local company, New Endeavour Resources.”

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

“The Government is committed to developing our oil, gas and mineral resources in a sensible, safe and environmentally responsible way. Block Offer 2014 is delivering on that,” Bridges says.

Permits were awarded to:

Chevron NZ Exploration (new): Three offshore Pegasus permits (in a joint venture with Statoil Lambda Netherlands BV)
Statoil Lambda Netherlands BV: One offshore Northland-Reinga permit
ONGC Videsh (new): One offshore Taranaki permit
New Endeavour Resources (new): One offshore Taranaki permit
OMV New Zealand: One offshore Taranaki permit and one offshore Pegasus permit
Todd Exploration & Beach Petroleum: One offshore Taranaki permit
Mosman Oil & Gas NZ: One onshore East Coast permit and two onshore West Coast permits
TAG Oil NZ: Two onshore Taranaki permits
Petrochem: One onshore Taranaki permit