WELLINGTON, New Zealand -- New Zealand Oil & Gas (NZOG) has been awarded a new exploration permit off the Taranaki coast.
Petroleum Exploration Permit (PEP) 51988 covers 1,138 sq km (439 sq mi) in the northern Taranaki basin. The permit is adjacent and to the north of PEP 38491 containing the recently drilled Albacore prospect, which encountered non-commercial traces of hydrocarbons.
According to NZOG, there is existing seismic and well data on the license gathered over forty years by operators including Fletcher Challenge and Todd Energy.
NZOG will operate the license and holds a 100% stake in the permit.
NZOG wins Taranaki basin permit
New Zealand Oil & Gas (NZOG) has been awarded a new exploration permit off the Taranaki coast.