New Zealand hopes to spur exploration with new seismic program

New Zealand's Energy and Resources Minister Gerry Brownlee has announced a renewed seismic survey program to encourage oil and gas exploration.

Offshore staff

WELLINGTON, New Zealand -- New Zealand's Energy and Resources Minister Gerry Brownlee has announced a renewed seismic survey program to encourage oil and gas exploration.

As part of Budget 2009, a total of $20 million will be allocated over three years to the seismic data acquisition program, which will be run by Crown Minerals.

Previous surveys have resulted in $1.4 billion of expenditure by exploration companies, particularly in the Great South basin.

"The international oil exploration industry is showing increasing interest in New Zealand following initiatives to make new data freely available to companies wishing to explore here," says Brownlee. "This has translated into increased exploration expenditure and activities across frontier basins that have historically struggled to attract investment in exploration."

05/08/2009

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