WELLINGTON, May 12 (Xinhua) -- New Zealand has opened a competitive process for a fourth petroleum exploration permit application since the government lifted a ban on new exploration late last year, signaling renewed investor interest in the sector.
New Zealand Petroleum & Minerals has launched a three-month tender for an onshore and offshore exploration permit application in Waikato, south of Kawhia Harbour on the North Island, Resources Minister Shane Jones said in a statement on Tuesday.
The application was submitted by a joint venture comprising East Coast Energy Ventures Limited, Monumental Energy Corp NZ Limited and 3TCF Limited. The East Coast Energy Ventures, a subsidiary of New Zealand Energy Corp, is proposed as operator, the statement said.
"Our major gas fields are mature and production is trending downward," Jones said, adding that while investment in renewable energy is expanding, gas continues to underpin electricity security and industrial activity, particularly during periods of peak demand or low hydro generation.
Responsible new exploration is essential to managing future supply risk and maintaining a resilient energy system, Jones said.
The proposed work program includes reprocessing existing 2D seismic data and interpretation, followed by further geological and geophysical studies, noted the statement. ■
