Offshore wells get permits

Ten new permits have been granted for oil exploration in New Zealand, including two off the coasts of Otago and Southland.

Energy Minister Simon Bridges announced the second round of block offers yesterday at Parliament.

Five of the permits were for onshore exploration in Taranaki and the East Coast.

The other five were for offshore exploration in the Reina-Northland, Taranaki and Great South Canterbury Basins.

Woodside Energy Holdings and New Zealand Oil and Gas have together been granted a permit to explore an area off the southeast coast of Southland, east of Stewart Island.

New Zealand Oil and Gas has been granted a permit to explore an area off the coast from Moeraki.

Both companies must complete seismic testing within a year from April 2014.

The block offer attracted three new international companies to prospect in New Zealand and, if testing is positive, could be worth up to $720 million collectively.

Yesterday's announcement launches one of the country's largest oil and gas exploration seasons, with 13 wells being drilled offshore and about 30 onshore.

Add a Comment

 

Advertisement