ISSUE
Friday, August 22, 2025
Volume 16 . Issue 73
For the first time, Indian oil and gas major ONGC Videsh has taken interest in New Zealand's oil and gas exploration.
Claimed by Energy and Resources Minister Simon Bridges to be the most successful round of block offers since the new system for awarding oil and gas exploration territory was instituted in 2012, the round sees 15 new exploration licences.
ONGC Videsh has taken a 12-year permit in the Taranaki Basin.
Block Offer 2014 includes six onshore permits across the Taranaki, West Coast and East Coast basins, and nine offshore permits across the Reinga-Northland, Taranaki, and Pegasus basins.
Collectively the permits represent more than $110 million in committed expenditure on initial exploration which, if successful, could lead to further work worth more than $1 billion.
Representatives of the company and Indian High Commissioner to New Zealand, Ravi Thapar, were present at the ceremony at the Beehive where the permits were awarded.
Mr Bridges says the results show New Zealand continues to cement its reputation as a key destination for investors in oil and gas exploration.
"Block Offer 2014 has attracted three new companies to explore here, as well as expanded interest from local and international companies already operating in New Zealand.
"I am very pleased that as part of Block Offer 2014 we will welcome three new entrants to the New Zealand sector. Two are major overseas companies with significant resources and extensive worldwide experience- Chevron, in a joint venture with Statoil, and ONGC Videsh.
"I'm also pleased to see the third new entrant is a local company, New Endeavour Resources."
Norway's state-owned Statoil has entered into a joint venture with Chevron on a 15-year exploration permit for the lightly explored Northland-Reinga basin.
The onshore permits were issued on the South Island's West Coast, Hawke's Bay region, where some exploration is already being done, Northland-Reinga and Pegasus basin.
This year's award of 15 permits come with committed work programmes over the life of the permits, which extend as far out as 15 years, totalling $110 million.
The next round of proposed blocks for offer will be announced in March, 2015.
For the first time, Indian oil and gas major ONGC Videsh has taken interest in New Zealand's oil and gas exploration.
Claimed by Energy and Resources Minister Simon Bridges to be the most successful round of block offers since the new system for awarding oil and gas exploration territory was...
For the first time, Indian oil and gas major ONGC Videsh has taken interest in New Zealand's oil and gas exploration.
Claimed by Energy and Resources Minister Simon Bridges to be the most successful round of block offers since the new system for awarding oil and gas exploration territory was instituted in 2012, the round sees 15 new exploration licences.
ONGC Videsh has taken a 12-year permit in the Taranaki Basin.
Block Offer 2014 includes six onshore permits across the Taranaki, West Coast and East Coast basins, and nine offshore permits across the Reinga-Northland, Taranaki, and Pegasus basins.
Collectively the permits represent more than $110 million in committed expenditure on initial exploration which, if successful, could lead to further work worth more than $1 billion.
Representatives of the company and Indian High Commissioner to New Zealand, Ravi Thapar, were present at the ceremony at the Beehive where the permits were awarded.
Mr Bridges says the results show New Zealand continues to cement its reputation as a key destination for investors in oil and gas exploration.
"Block Offer 2014 has attracted three new companies to explore here, as well as expanded interest from local and international companies already operating in New Zealand.
"I am very pleased that as part of Block Offer 2014 we will welcome three new entrants to the New Zealand sector. Two are major overseas companies with significant resources and extensive worldwide experience- Chevron, in a joint venture with Statoil, and ONGC Videsh.
"I'm also pleased to see the third new entrant is a local company, New Endeavour Resources."
Norway's state-owned Statoil has entered into a joint venture with Chevron on a 15-year exploration permit for the lightly explored Northland-Reinga basin.
The onshore permits were issued on the South Island's West Coast, Hawke's Bay region, where some exploration is already being done, Northland-Reinga and Pegasus basin.
This year's award of 15 permits come with committed work programmes over the life of the permits, which extend as far out as 15 years, totalling $110 million.
The next round of proposed blocks for offer will be announced in March, 2015.
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