New Zealand has awarded 15 new exploration permits, on- and offshore, through its 2014 Block Offer, containing some AU$110 million committed exploration spending, Energy and Resources Minister Simon Bridges announced today (9 December).

Of the 15 permits offered, covering a total 47,690sq km, nine are offshore, across the Reinga-Northland, Taranaki, and the Pegasus basins.

The offer has seen the entry of three new companies into the country's waters; Chevron, as part of a partnership with Statoil, India's ONGC Videsh, and New Endeavour Resources.

The area covered amounts to an 85% increase on acreage permitted for exploration, compared to the 2013 Block Offer.

Offshore permits were awarded to:

Chevron NZ Exploration: Three offshore Pegasus permits - 57083, 57085, 57087 - (in a joint venture with Statoil Lambda Netherlands)

Statoil Lambda Netherlands: One offshore Northland-Reinga permit - 57057

ONGC Videsh: One offshore Taranaki permit - 57090

New Endeavour Resources: One offshore Taranaki permit - 57050

OMV New Zealand: One offshore Taranaki permit and one offshore Pegasus permit - 57075

Todd Exploration & Beach Petroleum: One offshore Taranaki permit - 57080

“The award of exploration permits today is another important step toward unlocking New Zealand’s oil and gas potential, both on and offshore,” says Mr Bridges.

Consultation opened last month for the 2015 Block Offer. The total acreage included in the 2015 Block Offer proposal is over 476,000sq km, compared with the 434,000sq km the government consulted on for Block Offer 2014. Consultation ends 9 February 2015.

“The East Coast acreage adds another high-impact opportunity to our long-term portfolio, while the expansion in the Reinga basin secures access to potential upsides from our existing position. This is in line with our exploration strategy of early access at scale and deepening existing positions,” says Erling Vågnes, Statoil’s senior vice president for exploration in the Eastern hemisphere.

Source: www.oedigital.com

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