BusinessNZ has welcomed theannouncement of block offer permit awards for petroleum exploration in offshoreand onshore locations around Northland, East Coast, Taranaki and the SouthIsland. 

The latest offers entail over $110million investment by companies in exploration which, if successful, could leadto further work worth more than $1 billion.

BusinessNZ Chief Executive PhilO’Reilly says the offer is significant in its use of scientific data, which hashelped draw interest from major companies in investing in the New Zealandresource.

“Government and the science sectorworking together have enabled data use that will significantly help theresponsible development of petroleum resources.

“A number of regulatory improvements,both environmental and health and safety related, have been made in recentyears. However, it’s important the Government does not rest on its laurels.Further improvements to both the Crown Minerals Act and environmentalconsenting processes could further boost activity and support local economies.

“The exploration industry brings greatpotential for economic gains for the whole economy, and the responsibledevelopment of the New Zealand petroleum resource is to be welcomed.”

Contact Phil O’Reilly 04 4966552 or KathrynAsare 021 555 744

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