(Asia-Pacific) - In an effort to attract E&P companies, the New Zealand government is offering to pay for seismic surveys.
Although oil companies historically have paid for their own seismic surveys, the Ministry of Economic Development has offered to provide the money for such testing.
It has already spent $5 million for seismic surveys and has another $5 million dedicated for this plan.
At an upcoming petroleum conference, the ministry plans to showcase the more than 4 million sq km of offshore area available for exploration, of which about 104,000 sq km is being offered for exploration bids.
Another 360,000 sq km will be put up for exploration soon.