New Zealand Petroleum and Minerals has opened a three-month competitive process for an application lodged by CBX Energy Limited for the largely under-explored offshore Pegasus Basin east of the North Island.
It covers about 4207.26 sq km over the Wahipapa fairway in the Pegasus Basin, a frontier area considered prospective for hydrocarbons.
It is the second application lodged by the company and the seventh petroleum prospecting or exploration application accepted for assessment since the repeal of the offshore exploration ban.
Resources Minister, Shane Jones said continued interest in New Zealand’s petroleum sector demonstrates growing confidence in New Zealand’s resource potential and the role natural gas can play in supporting the country’s future energy security.
“The return of interest in petroleum prospecting and exploration shows companies are once again willing to invest in understanding New Zealand’s resource potential,” said Mr Jones.
“A country that understands its resource potential is better placed to shape its future. Prospecting and exploration help identify opportunities, reduce uncertainty and ensure New Zealand understands the options as it plans for future energy need.”
Previous geological and seismic work has highlighted the prospectivity of the Pegasus Basin, but further prospecting is needed to better understand the basin’s potential and inform future exploration decisions.
“The Pegasus Basin remains one of New Zealand’s least explored offshore basins. Frontier areas present some of the most exciting opportunities in the exploration sector because they offer the potential for large-scale new discoveries and geological insights,” Mr Jones says.
CBX Energy proposes to undertake technical studies using existing geological and geophysical data including modern analytical techniques, to further evaluate the basin’s prospectivity.
Competing applications will be received until 5pm, 25 November.
Applications will be assessed in accordance with the Minerals Programme for Petroleum 2025 and the requirements of the Crown Minerals Act. This includes consideration of applicants’ technical and financial capability, compliance history, and the proposed work programme.
For more information, see: Applications under the open market competitive process – New Zealand Petroleum and Minerals.
