Oil explorers retreat to small-scale Taranaki plays in block offer

Tue, 15 Dec 2015

By Pattrick Smellie Dec. 16 (BusinessDesk) - Oil and gas explorers have reacted to plunging global oil prices by taking up the smallest and most conservative range of new petroleum exploration licences since the government began its annual 'block offer' bidding process in 2012. Nine exploration permits were awarded at this morning's award event at Parliament, all of them in the Taranaki Basin and none involving new players. Three of the nine are onshore Taranaki acreage and were awarded to local small-scale player Greymouth Petroleum,...

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