New Zealand sees offshore growth

In 2008, oil and gas exploration activity grew in New Zealand with exploration spending at its highest level in at least a decade, according to the country’s Ministry of Economic Development’s 2009 Energy Data File.

Offshore staff

WELLINGTON, New Zealand – In 2008, oil and gas exploration activity grew in New Zealand with exploration spending at its highest level in at least a decade, according to the country’s Ministry of Economic Development’s 2009 Energy Data File.

The Ministry reports that expenditure in petroleum exploration and prospecting permits rose to $214 million in 2008 from $136 million in 2007. Seismic acquisition grew by 78% with 25,749 km (16,000 mi) of 2D data collected in 2008, up from 14,424 km (8,963 mi) of 2D in 2007.

Despite the overall increase in expenditures, field development suffered with spending down from $927 million in 2007 to $657 million in 2008. Drilling also decreased with 34 wells in 2008, down from 43 in the previous year. However, the ministry’s reports that 2008 saw more wells drilled offshore (18 wells) than onshore (16 wells).

Of the 34 wells drilled in the region, 26 were appraisal or development wells; the remaining were exploration wells.

08/21/2009

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