19 November 2007 Media Statement

New Zealand petroleum exploration company goes looking in Chile

Economic Development Minister Pete Hodgson today congratulated the oil and gas production and exploration company Greymouth Petroleum on their successful bid for four offshore petroleum licences in Chile.

In June, 2007 the Chilean Government invited bids for 10 permit areas in the Magallanes Basin – encompassing southern Patagonia, the Strait of Magellan and Tierra del Fuego Island.

“This is a great validation of a New Zealand company unafraid to take its expertise to the world. I congratulate Mark Dunphy, the CEO, and his team,” said Pete Hodgson.

Greymouth Petroleum is one of the few New Zealand owned and operated oil and gas production and exploration companies. The company was founded in July 2000.

Greymouth ranks second amongst New Zealand owned production companies (on a barrels of oil equivalents produced per day basis) behind Todd Petroleum, and fourth amongst oil production companies with New Zealand oil and gas production (behind Royal Dutch Shell and Swift).

“New Zealand relied heavily on international expertise in the early days of our oil and gas exploration industry. Over the last fifty years many Kiwis have built individual careers around the globe within the sector, but to see a Kiwi company go international is a signal of real depth in our workforce.” said Pete Hodgson.

ENDS

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