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Nine new oil and gas exploration permits have been awarded in onshore Taranaki.
Associate Energy Minister Harry Duynhoven said more than 20 wells were proposed to be drilled within the first five years, looking for shallow and deep targets, and four of those were committed to be drilled within the first 24 months of the permit award.
Among the bidders, Todd Exploration had partnered with Mighty River Power to explore a large area in the west.
There were also several new entrants from Australia partnering with existing explorers in this country, for example Mosaic Oil joining local explorer L&M Petroleum.
It was also announced that oil and gas acreage currently reserved across the offshore Taranaki Basin and the onshore and offshore Canterbury Basin were soon to be opened.
The release of those areas with recognised petroleum potential meant recently relinquished acreage would be available for new potential explorers quickly, Mr Duynhoven said.
Also, planned blocks offer releases for deep water acreage in the Raukumara (East Cape) and Northland Basins were well advanced. Those releases would be supported by significant crown-funded data packs and were expected to be opened for assessment before Christmas.
- NZPA
