Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


New oil, gas exploration blocks offered under new NZ policy

New oil, gas exploration blocks up for grabs under new NZ policy

By Pattrick Smellie

Feb. 9 (BusinessDesk) – The government is seeking bids from oil and gas explorers for 25 pre-determined onshore and offshore exploration blocks under a new policy that limits the number and location of new exploration sites.

The policy’s stated aim is to ensure explorers target what the New Zealand Petroleum and Mineral arm of the Ministry of Economic Development regards as the most prospective block. The new approach also allows the government to avoid areas of strong opposition to petroleum mining.

None of the 25 blocks on offer are for offshore Northland or East Cape territories, despite both being identified by government scientific efforts to be worthy of exploration. Maori opposition to deep-sea mining caused disruption to seismic surveying work undertaken early last year for the Brazilian oil major, Petrobras, in the Raukumara Basin, off East Cape in the Exclusive Economic Zone.

On offer are blocks covering approximately 40,285 square kilometres of offshore seabed and approximately 5,704 square kilometres of land in Waikato, Taranaki, Tasman, the West Coast and Southland. Land listed under Schedule 4 of the Crown Minerals Act 1991 will be excluded from exploration permitting.

The offshore blocks comprise one area of the Great South Basin to the south and further offshore than the area where Shell and its Austrian partner, OMV, are exploring, two are in the Canterbury Bight, near the Barque and Carrack-Caravel prospects, where New Zealand Oil & Gas, Origin Energy and American mid-sized player Anadarko have exploration rights.

One block is offshore Wairarapa, while two are south of Wellington, and a further seven are earmarked in the offshore Taranaki basin, New Zealand’s best-explored oil and gas field.

There are a further seven prospects offered onshore in Taranaki, all in areas where oil and gas has previously been discovered in commercial quantities and is still being produced.

While the blocks are in draft form at this stage, while consultations with iwi and local government occur, the intention is to offer them from April 27 until Sept. 21, with announcements on successful bids scheduled for Dec. 21.

In the past, New Zealand ran a reactive “priority-in-time” allocation method where companies could apply to explore any area in New Zealand at any time, with only a five day window for competitive interest to be registered by other companies potentially interested in exploring the same area.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news