The successful bid was made by a joint venture of ExxonMobil (90% and Operator) and Todd Exploration Limited (10%).
The block, which comprises approximately 20,000 square kilometers, is located in the Great South Basin off the southeast tip of New Zealand, 100 kilometers from shore and in a water depth of 500 to 1000 meters.
ExxonMobil Exploration Vice President for Asia Pacific, Stephen Greenlee, said that the company was pleased to have been awarded the exploration rights for block PEP50117.
"The successful acquisition of exploration rights in New Zealand represents an important addition to ExxonMobil's global portfolio. ExxonMobil plans to undertake a detailed work program of exploration activities with seismic activity expected within the first year," said Greenlee.
ExxonMobil has been engaged in the petroleum refining and marketing business in New Zealand through affiliated company Mobil Oil New Zealand Limited for over 100 years.
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