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.

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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