New Zealand plans increase in exploration activity

Offshore staff

WELLINGTON, New Zealand -- New Zealand’s Energy and Resources Minister Gerry Brownlee has unveiled the government’s plan for unlocking and maximizing the country’s petroleum potential, with a specific focus on exploration of deepwater basins.

Currently the petroleum sector accounts for around $3 billion per annum of New Zealand’s export revenue. This could increase to $30 billion per annum by 2025 through development of resources in the country’s unexplored basins.

“The immediate focus must be on increasing exploration activity and improving the knowledge of our petroleum basins,” says Brownlee. “The government must be seen as pro development of petroleum resources to attract major investments of global capital to support exploration activity.”

The plan and background reports are available at www.med.govt.nz/petroleum-strategy

11/18/2009