25 May 2010

$7.6m project to explore oil and gas reserves

8:53 pm on 25 May 2010

The Government is undertaking a $7.6 million project to explore New Zealand's oil and gas reserves.

Energy and Resources Minister Gerry Brownlee says Crown Minerals has contracted government research organisation GNS Science to carry out the two-year programme.

Mr Brownlee says providing better information about New Zealand's petroleum resources will make investment in exploration more attractive for local and foreign companies.

The Petroleum Exploration and Geosciences Initiative focuses on the Taranaki region but will feed into the understanding of other less explored basins, he says.