Petroleum seismic surveys to begin

Latest round of Government petroleum seismic surveys to begin

Crown Minerals today announced the start of the government's third seismic petroleum data survey. 2,200 km of 2D seismic data will be acquired north of the Raukumara Peninsula, off the East Coast of the North Island, and a further 300 km will be acquired off the southern Wairarapa Coast.

The survey is part of the government's efforts to acquire data under a $15 million fund established in 2004 to lift petroleum exploration in New Zealand. It will comprise two-dimensional seismic, gravity and magnetic surveying. Existing data shows both areas contain features likely to be of interest to exploration companies.

"The data will be offered freely to explorers to promote and encourage petroleum exploration activities in the hope that it will lead to the discovery of new petroleum reserves," says Crown Minerals' Petroleum Unit Manager, Mark Aliprantis

Since 2004 Crown Minerals, the government agency responsible for the promoting and managing petroleum exploration activities, has successfully conducted two seismic data acquisition programmes.

A 2005 Crown Minerals programme led to Pogo Producing Company being awarded an exploration permit covering 80 per cent of an East Coast survey area. Pogo Producing Company is currently undertaking its own survey to identify drillable targets.

In 2006, 3,160 km of 2D seismic data were acquired across the offshore Great South Basin. A bidding process is currently underway for exploration permits for this area, the results of which are expected to be announced in July.

"The levels of interest being shown by exploration companies in this government programme is most encouraging," said Mr Aliprantis. "We believe this programme, coupled with changes to royalty rates and the tax treatment of exploration workers, is proving successful in raising interest in New Zealand as an exploration destination. “

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