The New Zealand government has opened up approximately 525,000sq km of new areas for oil exploration. Four areas are offshore and one will be located onshore, in Taranaki.
New Zealand’s Energy and Resources Minister, Simon Bridges is keen on New Zealand’s untapped potential for natural gas. 'As the cleanest fossil fuel, countries are increasingly choosing gas as an alternative to coal for electricity generation,’ said Bridges.
Oil exploration will have until September 7 to lodge their tenders and the winners will be notified in December.
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