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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news