New Zealand's Taranaki Bidding Round Closes Next Week

The competitive bidding round, for nine blocks on the continental shelf offshore north Taranaki and eight onshore Taranaki blocks closes on October 31, 2003. These areas are considered ideally located for sizeable new oil and gas discoveries, being adjacent to existing oil and gas production and infrastructure.

The nine offshore blocks, covering a 12,180 square kilometer area, are bounded to the south by the Pohokura gas-condensate discovery, the Tui-1 oil discovery to the southwest, and the Karewa-1 hydrocarbon discovery immediately to the north of the blocks on offer. The Kora oil discovery is located near the center of the offshore blocks.

The onshore blocks continue the trend of making onshore Taranaki acreage promptly available to explorers by competitive bidding rounds.