Exploring East Cape And Northland Potential

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 competitive tender.

“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.

EXPORT UPDATE

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.

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