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
“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.