Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Seismic survey of East Coast completed

2 May 2005

Seismic survey of East Coast completed

Crown Minerals has successfully completed an offshore seismic survey of the east coast of the North Island as part of a major tender of New Zealand petroleum basins planned for later this year, Energy Minister Trevor Mallard said today.

“This is a ground-breaking initiative which will have a major impact on perceptions of New Zealand as a desirable petroleum exploration destination by international exploration companies” Trevor Mallard said.

“Market analysts in North America have also shown interest in this initiative, commenting that New Zealand’s competitive fiscal regime and the availability of free data packages will draw the attention of North American explorers to New Zealand’s up coming bidding rounds. “

The survey was the first to be undertaken under the $15 million budget approved by Cabinet in September 2004. It is part of an investment strategy launched last year to promote international exploration in New Zealand’s frontier petroleum basins. Frontier basins such as the East Coast and Northland are critical to increasing New Zealand’s petroleum reserves and reducing New Zealand's dependency on the Taranaki basin, and Maui in particular.

The survey covered approximately 100,000 km2 from the Wairarapa coast up to the eastern Bay of Plenty. (See http://www.crownminerals.govt.nz/news/download/fact_sheet.pdf for pix and facts) “This project represents a significant shift in the strategy to secure oil and gas supplies post-Maui depletion as the data acquired from the survey will be processed, packaged and made freely available to companies bidding for exploration permits in the region, “ Trevor Mallard said.

Processing of the seismic data and regional geological studies are well underway. This information will form the basis of a comprehensive data pack to support the East Coast blocks offer. An announcement regarding the opening of this blocks offer is planned for late July 2005.

“Acquiring the data for free will help reduce the single biggest barrier to attracting new explorers to New Zealand. It will significantly reduce the time and costs associated with a company evaluating prospectivity and preparing a bid for an exploration permit."

Crown Minerals has also set aside an area of the offshore Taranaki basin for a future competitive bidding round. See http://www.crownminerals.govt.nz/petroleum/docs/permits/NewZealanda.pdf for the area.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>

ALSO:

Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>

ALSO:

More Justice & Corrections

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news