NZ awards exploration blocks

December 11, 2012

Offshore leasing blocks

Anadarko, TAG Oil secure multiple NZ leases

New Zealand's government has awarded 10 exploration permits during its 2012 block offering, the country's petroleum and minerals agency announced on 11 December 2012.

The ministry said that the block offering, which made available both on- and offshore areas, yielded $68 million (NZ$82 million) in committed spending. The figure could grow to approximately $641 million (NZ$766 million) depending on whether the permits all reach the full five-year term.

The biggest winners were Anadarko Petroleum's wholly-owned New Zealand subsidiary and TAG Oil subsidiary Cheal Petroleum. Anadarko walked away with two offshore permits in the Pegasus Basin south of Wellington. Cheal Petroleum, along with partner East West, won three onshore permits northwest of Wellington.

Shell along with partners OMV and Mitsui came away with one offshore block in the Great South Basin off the eastern shore of Dunedin.



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