NZ Oil and Gas abandons deep-water Barque oil permit

Fri, 10 Aug 2012

Aug. 10 (BusinessDesk) - New Zealand Oil & Gas has handed back the deep-water Barque exploration permit, off the Canterbury coast, to the government after its partners agreed it was too risky. The Wellington-based company has returned the PEP 38259 after "an extensive technical review" with its joint venture partners and an unsuccessful search for farm-in partners, and determined the risk profile was too high, it said in a statement. NZOG held a 40 percent stake with the permit, with Beach Petroleum (NZ) holding 35 percent and AWE New Zeal...

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