New Zealand Chooses IndigoPool for Licensing Round announced the New Zealand government has selected the e-marketplace to promote its 2001 - 2002 Onshore and Nearshore Taranaki Basin Exploration Bidding Round. The bidding round consists of 26 highly prospective blocks, located in proven acreage, which are available for competitive work program-based permit allocation.

All 26 Taranaki Basin blocks are adjacent to producing fields or exploration blocks with recent discoveries. These latest gas/condensate and oil discoveries have led to a doubling of the country's liquid hydrocarbon reserves and increased the nation's gas reserves by approximately 40 percent. Out of the 26 blocks, six are located offshore, two immediately to the northeast and southwest of the Pohokura gas/condensate field. A third block is located immediately to the east and inshore from the Maui Field and the other three further offshore to the northwest of the Taranaki peninsula. The remaining 20 blocks are located onshore Taranaki.

"The Taranaki Basin is under-explored by world standards," said Clyde Bennett, business manager - petroleum for the New Zealand Crown Minerals. "The prospectivity is high, as supported by historic and recent discoveries, and exploration activity is at an all-time high. Now, with IndigoPool, we are leveraging the experience of the leader in oil and gas asset e-marketing and making these opportunities available to a global pool of interested parties."

Seismic Australia is providing 11 thousand kilometers of 2D data that has been reprocessed using the latest technology, giving buyers access to high-quality seismic data without the need to re-shoot. This covers all of the offshore blocks on offer. The reprocessed data allows oil and gas companies to review the 2001/2002/NZ Bidding Round based on consistent and phase-matched regional data, which provides ties to 52 wells in the Taranaki Basin.

"We have reprocessed 2D seismic data in the Taranaki Basin to identify the potential for new exploration opportunities; the data has responded very well to reprocessing. We are excited to be involved with IndigoPool and the New Zealand government to actively market the Taranaki Bidding Round globally," said Don Pyke, managing director, Seismic Australia.

The closing date for the 2001 - 2002 Onshore and Nearshore Taranaki Exploration Permit Bidding Round is 5 p.m. on April 30, 2002.