20 Mar 2009

Offshore exploration permit awarded in Taranaki Basin

12:19 pm on 20 March 2009

New Zealand Oil & Gas and its partners in the Tui oil fields development have been awarded a new offshore exploration permit in the Taranaki Basin.

The permit area is next to a site it's already exploring.

NZOG is hopeful the area may contain gas and oil, though no seismic data has been taken since the early 1980s.

It will now assess the data, and take new seismic data before making a decision on whether to drill an exploration well.