"We've made remarkable progress to have the Pacific Titan in New Zealand waters only four months after Cabinet approved the concept of funding seismic data acquisition to promote petroleum exploration," Trevor Mallard said.
The survey is the first of its kind under the $15 million fund established by the New Zealand government last year as part of a package of incentives to lift exploration in New Zealand. Trevor Mallard marked the occasion by presenting a plaque to the captain of the Pacific Titan.
The two ministers visited the Pacific Titan in Wellington on February 23, 2005 and experienced, together with nearly 120 other participants from the New Zealand Oil and Gas Industry, Fishing Industry, Tax departments and the local university, a guided tour of the vessel.
Tim Allan, of Crown Minerals, said "These groups represent a good cross section of industry, academia, research, government and the fishing industry. Groups include the majority of the New Zealand based oil and gas companies, GNS (Institute of Geological and Nuclear Sciences), NIWA (National Institute for Water and Atmospheric Research), MED (Ministry of Economic Development), Seafood Industry Council, New Zealand Geophysical Society, Inland Revenue Department and Victoria University. All of these groups have been very helpful with the recent positive changes in taxation and liaising with the fishing industry, their presence will assist our ongoing relationships with these sectors."
David Lamb, Marketing and Sales Manager for Multiwave Geophysical Company said "It is a pleasure for Multiwave to return to New Zealand this season and we are delighted that we can offer such a vessel to the New Zealand government that meets the requirements of oil and gas exploration in the area. The Pacific Titan is probably the only vessel in the Asia Pacific Region that can currently tow the 12km streamer and produce a large volume air source required and as such is the ideal vessel for the governmental objectives."
David Lamb also added "It is also a pleasure to offer Victoria University Geophysics department the opportunity to visit a working geophysical operation. This shows the continuing commitment of Multiwave to invest time in the promotion of Geophysics in local universities".
The survey will cover 100,000 sq. km off the East Coast, from Wairarapa to Bay of Plenty, and is expected to take four to six weeks, with the data expected to be released in July 2005.
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