Brazilian oil giant Petrobas dumps NZ exploration permits

Mon, 03 Dec 2012

Dec 4 (BusinessDesk) - Brazilian oil company Petrobras is to hand back exploration licences it holds for deep sea oil and gas prospects in the Raukumara Basin, off East Cape, in what appears a reaction to a string of difficulties which have seen the global scale oil major report losses for the first time in 13 years. Prime Minister John Key told reporters for the New Zealand Herald that the decision was "not a reflection on the capacity to undertake deep-sea drilling or the prospect of activity of that area." The Raukumara Basin lies in very...

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