Extension granted for gas-prospective permit offshore New Zealand

New Zealand’s Energy and Resources Minister has agreed to extend work obligations for the Clipper offshore permit by three years.

Apr 18th, 2019

Offshore staff

WELLINGTON, New Zealand – New Zealand’s Energy and Resources Minister has agreed to extend work obligations for the Clipper offshore permit by three years.

Clipper contains the multi-tcfBarque gas prospect, 60 km (37 mi) east of Oamaru.

OperatorNew Zealand Oil & Gas now has until April 11, 2022 to decide whether to drill a commitment well.

The company’s CEO Andrew Jefferies said the partners have been monitoring activities elsewhere in the offshore Canterbury-Great South basin, where various wells may be drilled ahead of Barque.

“The extended work program in Clipper will allow a re-set of the marketing campaign to attract partners to the joint venture,” he added.

A regional economic impact study published in 2017 found that development of Barque could result in up to $15 billion in GDP and generate $32 billion in royalties and taxes over the life of the field.

04/18/2019

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