Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

New Zealand awards nine new oil and gas permits

Published 16/12/2015, 09:55 am
© Reuters.  New Zealand awards nine new oil and gas permits

WELLINGTON, Dec 16 (Reuters) - New Zealand awarded nine new oil and gas permits Wednesday despite international oil prices hovering around an 11-year low.

The awarding of the permits in the Taranaki basin in New Zealand's north island comes as major oil companies are cutting back exploration, laying off staff and selling assets globally to cope with sliding prices.

Four offshore permits were granted to OMV NZ Ltd, a unit of OMV Austria OMVV.VI , in partnership with Mitsui E&P Australia Pty Ltd, a subsidiary of Japan's Mitsui & Co 8031.T .

OMV NZ currently has interests in the Maui, Pohokura and Maari fields in the Taranaki basin.

Another offshore permit was granted to Todd Exploration, New Zealand's largest privately owned energy company, and a final one to Singapore-based Mont D'Or Resources Ltd.

Three onshore permits were granted to Petrochem Ltd, a unit of Greymouth Petroleum Ltd, which holds exploration and production assets in both onshore and offshore Taranaki.

Energy and Resources Minister Simon Bridges said the exploration industry remains attracted to New Zealand, although it "is now far more sensitive to budgets in the global context of a low oil price."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.