New Zealand’s Ministry of Business, Innovation and Employment (MBIE) has accepted Petrobras’ application to surrender its exploration permit for the Raukumara Basin, a spokesperson with the ministry confirmed Tuesday through a statement emailed to Rigzone.
"This is a commercial decision, based on a number of factors including how the company will be prioritizing its oil and gas portfolio worldwide," MBIE’s Director of Petroleum Kevin Rolens said in the statement.
In January 2010, Petrobras received permission from the New Zealand government to explore the PEP-52707 block which spans an area of 4,760 square miles (12,330 square kilometers), in waters 3,281 feet (1,000 meters) deep, the company disclosed in a statement on its website. The deal - which included 2D seismic imaging, processing and interpretation - was finalized in June 2010, Petrobras added.
Rolens on Tuesday noted Petrobras' contribution to New Zealand's oil and gas industry. He said that the company's seismic study will aid future oil and gas projects in the Raukumara Basin.
"The Raukumara Basin is considered to hold high potential for oil and gas development, and is an important frontier basin for future oil and gas exploration activity in New Zealand. It is a relatively unexplored area, where no commercial activity had previously been undertaken and I expect that the data will be of interest to other companies exploring in New Zealand," Rolens said.
"The work Petrobras has done has added to the information regarding the potential for oil and gas projects in the region and will be freely available for other companies wanting to explore," Rolens added.
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