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.