Media release

Tuesday, 4 December 2012

Petrobras exploration permit surrender accepted

MBIE has accepted international oil company Petrobras’ application to surrender its exploration permit for the Raukumara Basin.

The Brazil-based company gained a permit in June 2010 to explore the basin off the East Coast of the North Island and during its exploration gathered 3,305 kilometres of 2D seismic data over the permitted area. Petrobras had an option to surrender the permit after gathering this information and has opted to take up this option.

“This is a commercial decision, based on a number of factors including how the company will be prioritising its oil and gas exploration portfolio worldwide,” MBIE Director Petroleum Kevin Rolens says.

“The Raukumara Basin is considered to hold high potential for oil and gas development, and is an important frontier basin for future oil and gas exploration activity in New Zealand. It is a relatively unexplored area, where no commercial activity had previously been undertaken and I expect that the data will be of interest to other companies exploring in New Zealand.

“The work Petrobras has done has added to the information regarding the potential for oil and gas projects in the region and will be freely available for other companies wanting to explore.”

For more information visit New Zealand Petroleum & Minerals’ online exploration database at https://data.nzpam.govt.nz/GOLD/system/mainframe.asp.

[ends]

© Scoop Media