NZ Seeks Bids for Second Lot of Oil, Gas Exportation Permits

WELLINGTON, New Zealand - New Zealand's second ever offer of onshore and offshore oil and gas exploration permits opens for bidding on May 24, Energy and Resources Minister Simon Bridges said on Monday.

The offer "presents a range of promising opportunities for investors and operators who bring with them knowledge and experience in global exploration and production of oil and gas," Mr. Bridges said in a statement.

On offer are six onshore and onshore blocks in Taranaki on the west coast of North Island and two onshore blocks on the east coast of North Island. Permits are expected to be awarded by the New Zealand Petroleum and Minerals in December.

Last December the government awarded 10 oil and gas exploration permits to local and overseas companies in the country's first offer. Those awarded permits were Anadarko Petroleum Corp., OMV New Zealand--which is part of OMV AG --New Zealand Oil & Gas, Shell New Zealand, Todd Exploration, Cue Taranaki, Tag Oil and New Zealand Energy Corp.

Copyright (c) 2012 Dow Jones & Company, Inc.

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