Great South Basin Opens Additional Areas for Oil and Gas Exploration
More areas of the Great South Basin are being prepared to for upcoming oil investment by global energy players, according to the New Zealand government.
New Zealand and Petroleum Minerals just released the oil exploration block areas to be offered in 2013 for consultation. The offer included a new method for prospecting the region’s oil and gas resources.
The island country is efficiently reoffering the exploration rights to the Great South Basin beyond the area that is currently being examined by Shell, which includes parts that were previously under the license area that other firms had previously surrendered.
The Great South Basin was previously divided into large exploration blocks originally issued in the year 2007 to Exxon Mobil, Greymouth Petroleum of New Zealand and the OMV consortium of Austria.
In 2010 Exxon Mobil gave up its permit, and the part it occupied is currently included in the new oil exploration block being offered.
Moreover, measurements of the areas now offered to firms have been altered as smaller blocks with a size of 250 square kilometers are already made available by the government.
Companies are allowed to bid for as many oil and gas exploration areas as they want to a maximum limit of 10,000 square kilometers.
Back in 2007, the areas that were first offered were big, every block measured around 50,000 square kilometers
In the previous year, a controversial oil exploration well was drilled by Greymouth Petroleum in the area of jurisdiction in Stewart Island.
In August of 2011, the operation of OMV’s joint venture license was taken over by Shell.