Great South Basin Oil and Gas Quest Set to Begin


Great South Basin
(Click to Enlarge)
The economies of Southland and Otago are to get a major boost from oil and gas exploration, as international investors prepare to spend more than a billion dollars exploring the vast Great South Basin over the next five years, according to Associate Energy Minister Harry Duynhoven.

"The intensity of work proposed for the Great South Basin is unprecedented in New Zealand's history and will effectively double the amount of investment in oil and gas exploration here over the next few years," Harry Duynhoven said.

The government announced today that oil and gas exploration permits for four areas of the Great South Basin (in the southern oceans off Southland) have been awarded to two major groups of investors:

  • A consortium led by ExxonMobil New Zealand (Exploration) Limited (USA) which includes local company Todd Exploration Limited (New Zealand)
  • A consortium led by OMV New Zealand Limited (Austria) which includes PTTEP Offshore Investment Company Ltd (Thailand), Mitsui Exploration and Production Australia Pty Ltd (Japan)

Harry Duynhoven said the interest of major international oil companies indicated the high potential of the basin.

"It is one of world's hot spots for exploration. The data indicates the potential for commercially viable finds, which could have significant future benefits to New Zealand."

Mr Duynhoven said oil companies were expected to spend $1.2 billion exploring the Great South Basin, and a share of that money would be spent in the southern region.

Energy Minister David Parker said the work assisted the government's energy goals. "Assuming exploration success, the country stands to earn significant revenue from royalties and taxes flowing from this investment, and it will assist in ensuring security of energy supply."

"Although the world is working to lessen its reliance on fossil fuels, we will be dependent on oil and gas for some time to come. It is in our economic interest that the oil we use comes from local sources if possible.

"As with other fossil fuels, it is important that New Zealand take responsibility for the greenhouse gas emissions that come from its use here, just as Japan does for the emissions that come from coal they import from New Zealand."

Related Companies
 Company: Exxon Mobil Corporationmore info


 - Exxon Misses Estimates as Cuts Fail to Offset Output Declines (Jul 28)
 - Exxon Fined for Russia Sanctions Violations Under Tillerson (Jul 20)
 - ExxonMobil Says Will Drop Discussions Over Indonesia's East Natuna (Jul 18)
 Company: PTTEPmore info


 - ExxonMobil Says Will Drop Discussions Over Indonesia's East Natuna (Jul 18)
 - Hydrocarbons Encountered at Te Giac Trang Field Offshore Vietnam (Dec 20)
 - National Iranian Oil Co, Thailand's PTTEP Agree To Oilfield Studies (Dec 6)
 Company: OMVmore info
 - Austria's OMV Moves Workers In Tunisia Over Gas Field Protests (May 4)
 - OMV Acquires Yuzhno Russkoye Interest for $1.85B (Mar 6)
 - OMV, Dana Energy Sign Iranian Oil, Gas MoU (Jan 25)
 Company: Todd Petroleummore info
 - OMV Gets First Oil from Maari Growth Project (Dec 1)
 - Drilling at Hoki-1 Further Delayed by Rig Repair (Mar 19)
 - AWE Ready to Spin Bit at Hoki-1 Offshore NZ (Mar 5)
 Company: Mitsuimore info
 - Gas Glut Upends Global Trade Flows As Buyers Find New Leverage (Aug 16)
 - OneSubsea Bags $300M Contract for Greater Enfield Project Off Australia (Jul 15)
 - Woodside-Mitsui JV Approves $1.9B Greater Enfield Project Off WA (Jun 27)
 Company: New Zealand Crown Mineralsmore info
 - Crown Minerals Closes PIT Petroleum Applications (Jul 9)
 - Hydraulic Workover Unit Mobilizes on Maui A (Apr 20)
 - TAG Oil Targets Higher Output at Cheal (Apr 9)
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Fabrication Project Superintendent
Expertise: Fabrication|Project Management
Location: Houma, LA
 
Senior Vice President, Operations
Expertise: Executive|Operations Management
Location: Houston, TX
 
Sr. Contract Specialist
Expertise: Contracts Administration|Contracts Engineer|Legal
Location: Chesterfield, MO
 
search for more jobs

Brent Crude Oil : $52.72/BBL 3.31%
Light Crude Oil : $48.51/BBL 3.01%
Natural Gas : $2.89/MMBtu 1.36%
Updated in last 24 hours