One new oil and gas exploration permit awarded

One new oil and gas exploration permit awarded

New Zealand Petroleum & Minerals petroleum national manager Josh Adams today announced that one exploration permit has been awarded in Block Offer 2017.

Westside New Zealand Ltd submitted the successful bid for an area covering 547km2 off the southern Taranaki coast.

“The petroleum industry is still dealing with the global downturn that began in late 2014 which is heavily influencing investment decisions, especially in exploration ventures,” Mr Adams says.

There has been a recent increase in oil prices, but many of those in the industry want to see a sustained recovery in the oil price before committing capital to global exploration activity.

“Since launching the annual block offers in 2011, companies have invested approximately $8.7 billion in oil and gas exploration and production in New Zealand.”

Information on the permit awarded and the Block Offer 2017 process is available at https://www.nzpam.govt.nz/permits/petroleum/block-offer/2017/

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