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Page added on July 31, 2006

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Southern Basin’s riches lure global giants

Global oil giants are showing “unprecedented” interest in exploring the Great South Basin, which the Government has now opened for business after a legal stoush.

Associate Energy Minister Harry Duynhoven announced yesterday the start of the bidding process for 40 offshore blocks containing oil and gas south of the South Island.


The 360,000sqkm area is being touted as possibly New Zealand’s most exciting and lucrative development in oil and gas exploration since Maui was discovered about 40 years ago.

The basin was recently at the centre of a legal battle. Late last month the High Court dismissed an appeal by small Australian explorer Bounty Oil against the revocation of an existing permit in the basin.

stuff.co.nz



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