Video | Business Headlines | Internet | Science | Scientific Ethics | Technology | Search

 


GNS Leads Push For New Petroleum Research Centre


GNS Leads Push For New Petroleum Research Centre

Geological and Nuclear Sciences Ltd (GNS) is leading the development of a national petroleum exploration research centre to boost the level of oil and gas exploration in New Zealand.

The aim of the initiative is to attract state and corporate support to double the $4 million a year the government currently invests in petroleum exploration research.

A virtual entity, it will be steered by the exploration industry and will involve seamless collaboration between universities, industry, and GNS.

The centre will help reduce the geological risk of exploring in New Zealand and will work to maximize the value of our oil and gas resources.

GNS Hydrocarbons Section Manager, David Darby, said it would do this by acquiring new data and knowledge and implementing new technologies to help exploration companies explore New Zealand's sedimentary basins.

" Modern seismic data is urgently needed to assess the prospectivity of New Zealand's frontier basins," Dr Darby said.

GNS was delighted with the industry support when it unveiled the initiative at a petroleum industry conference in Auckland last month.

There was wide agreement in the exploration industry that combining the efforts of all research providers would produce better results than individual efforts, Dr Darby said.

A key impetus for the initiative was the need to triple the level of exploration in New Zealand. Analysts and commentators agree a much higher level of exploration is needed to find a replacement for the Maui field before it runs out.

New Zealand sedimentary basins were under-explored. Even in the most developed area, Taranaki, there was potential for new discoveries.

Much work was needed to be done to prove New Zealand's petroleum systems to the point where explorers could drill for significant targets with reasonable confidence.

" We're competing on a world stage for exploration investment. It's not enough to be as attractive as Northern Hemisphere plays - New Zealand needs to be more attractive.

" There are good indications that all of the sedimentary basins surrounding New Zealand contain extensive petroleum systems. We need to be able to demonstrate the likelihood of significant accumulations before companies will risk money on drilling expensive wells."

The geological complexity and lack of knowledge of New Zealand's basins were significant factors in keeping exploration companies away.

" Lowering the geological risk by increasing and pooling our research effort is the best way to turn that around."

GNS is currently preparing a business case so a proposal can be made to secure funding for the centre.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Sci-Tech
Search Scoop  
 
 
Powered by Vodafone
NZ independent news