New Zealand Receives 23 Bids in Latest Licensing Round

The New Zealand government has received 23 bids for 17 offshore and onshore oil and natural gas exploration permits, Associate Energy Minister Harry Duynhoven said Tuesday.

A total of 17 companies have lodged bids for the exploration blocks, which cover 12,772 square kilometers and are located on the Taranaki province on the west of the country's North Island and offshore Taranaki.

Successful bidders are likely to be announced in January.

Duynhoven said in a statement that the earlier-than-expected depletion of the Maui gas field and projected rise in demand for gas for electricity generation has been pushing up gas prices. "The current environment for explorers in New Zealand is better than at any time in 30 years," he said. Maui, which provides about 70% of the country's gas needs, is expected to run dry in 2007.

The bids represent about NZ$200 million of exploration work.

Our Privacy Pledge

Most Popular Articles
Related Articles

Brent Crude Oil : $49.71/BBL 1.50%
Light Crude Oil : $48.7/BBL 2.05%
Natural Gas : $3.11/MMBtu 12.68%
Updated in last 24 hours