New Zealand Oil&Gas has been awarded a new exploration permit off the Taranaki coast.The permit covered 1138sq km in the northern Taranaki Basin, next to and north of the permit area containing the recently drilled Albacore prospect which found non-co
New Zealand Oil&Gas has been awarded a new exploration permit off the Taranaki coast.
The permit covered 1138sq km in the northern Taranaki Basin, next to and north of the permit area containing the recently drilled Albacore prospect which found non-commercial traces of hydrocarbons, NZOG said today.
A large amount of existing seismic and well data on the new licence area had been gathered over 40 years by a range of operators, including Fletcher Challenge and Todd Energy.
NZOG chief executive David Salisbury said the permit was a further step in the ongoing building of the company's exploration portfolio, targeting quality acreage that would generate a portfolio of prospects, from which to choose the best for drilling.
NZOG would operate the licence and held a 100 percent stake in the permit.
