New Zealand launches the country's third Block Offer for petroleum exploration, comprising 8 onshore and offshore exploration permits.
New Zealand Energy and Resources Minister Simon Bridges launched Wednesday the country's third annual Block Offer for oil and gas exploration, comprising eight onshore and offshore release areas, according to an announcement posted on the official website of the New Zealand Government.
The blocks - covering a total of 156,371 square miles (405,000 square kilometers) - available for bidding in 2014 includes three onshore blocks in the East Coast Basin, Taranaki Basin and West Coast Basin, while the offshore blocks on offer are in the Reinga-Northland Basin, Taranaki Basin, New Caledonia Basin, Pegasus-East Coast Basin, and Great South-Canterbury Basin.
"This year's Block Offer is supported by comprehensive data pack, which includes some previously unavailable data ... The process for awarding permits is rigorous, and the Government expects companies to clearly demonstrate their technical and financial capability to deliver their proposed work program and meet our high health and safety, and environmental requirements," Bridges said in the press release.
The tender will close at 5 p.m. (NZT) Sept. 25, with permits to be awarded in December.
Meanwhile, the Petroleum Exploration and Production Association New Zealand (PEPANZ) has welcomed Block Offer 2014, adding that "the Blocks offer today is really just the start of a lengthy process to establish whether these blocks have large quantities of oil and gas. Production from a successful discovery will be at least 7 years away," CEO David Robinson said in a separate press release.
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