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


Exploring East Cape And Northland Potential

Release from Pepanz

Exploring East Cape And Northland Potential 

The decision to release further blocks off the East Cape and Northland for a 13-month bidding process offers opportunities for explorers to fully evaluate the area’s potential.

Executive officer of the Petroleum Exploration and Production Asscociation John Pfahlert said he welcomes Energy Minister Gerry Brownlee’s swift move to offer permit areas in the Raukumara Basin.

“It was a quick move, particularly alongside the change to lengthen the bidding time from six months to 13 months, but this probably reflects low oil prices and the uncertainty in international markets.”

There is a forthcoming revue of the petroleum minerals programme and Mr Pfahlert said the industry was looking to have more land made available on a “priority in time” application basis, rather than having land held back to release for competitive tender.

“This means companies can invest money immediately rather than having to hold back.”

This further bid process for Raukumara ensures the exploration industry continues to move forward, Mr Pfahlert said.


Crude oil has remained the third-largest export industry in figures released by Statistics New Zealand for October.

NZ oil exports were worth $250 million in October 2008 or almost $800m for the three months ending October 2008.

For the year ended October 2008 crude exports totaled over $3 billion, an increase of over 200 percent on the previous year ended October 2007. This reflects the impact of the Tui field on oil exports.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Digitl: Bumper year ahead for NZ IT sector

Gartner says New Zealand spending on technology products and services will grow 7.4 percent this year. The company’s latest forecast says the market will total NZ$15.3 billion in 2022... More>>

Fonterra: Lifts Forecast Farmgate Milk Price Range

Fonterra Co-operative Group today lifted its 2021/22 forecast Farmgate Milk Price range to NZD $8.90 - $9.50 per kgMS, up from NZD $8.40 - $9.00 per kgMS. This increases the midpoint of the range, which farmers are paid off... More>>

Federated Farmers: NAIT Levy Increases Must Achieve Accurate, User-friendly System
Nobody welcomes extra costs but if OSPRI is to catch-up on under investment in the NAIT platform and deliver on its workability and farmer support, levy increases are probably necessary, Federated Farmers says... More>>

Skoltech: Study Probes Earth’s Turbulent Past To Explain Where Oceans Came From

The origin of water on our planet is a hot question: Water has immense implications for plate tectonics, climate, the origin of life on Earth, and potential habitability of other Earth-like planets. In a recent study in Physical Review Letters, a Skoltech professor and his Chinese colleagues suggest... More>>

Statistics: Household Net Worth Grows In The September 2021 Quarter But At A Slower Pace Compared To March 2021

Household net worth grew by $60.7 billion in the September 2021 quarter compared with the June 2021 quarter, Stats NZ said today. This represents an increase of 2.5 percent, a similar result to the June 2021 quarter, which was up $60.6 billion or 2.6 percent... More>>

TradeMe: Job Market Ends 2021 On A High With Record Number Of Vacancies
The New Zealand job market finished 2021 on a high note, with the ball still firmly in the job hunters’ court, according to the analysis of 69,600 vacancies listed on Trade Me Jobs for the quarter ending 31 December (Q4)... More>>