New Zealand unveils biggest round in 10 years – looking ahead – licensing round for exploration – Brief Article
New Zealand will hold a major licensing round for the Taranaki basin. Offerings include permits for 20 onshore and six near-shore tracts in water depths as great as 3,280 ft. The blocks will be allocated by competitive, staged, work program bidding, said the government’s Crown Mineral’s unit. Deadline for bid submission is April 30, 2002. The Taranaki basin covers a wide swath along the west coast of the country’s North Island. This year, production through July was reported at 220 Bcfg and 13 million bbl of oil. The basin has great potential for future discoveries, as indicated by recent finds, the irregular distribution of field sizes and the basin’s geological complexity.
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