New Zealand Grants New Energy Mining Permit in Taranaki Basin
New Zealand's centre-right coalition government has granted a new energy mining permit to Matahio NZ Onshore Ltd in the Taranaki Basin, an oil-and-gas-rich area on the North Island.
The 10-year permit covers parts of the Puka field and the Oru prospect and is expected to bring more gas to the domestic market, according to Resources Minister Shane Jones.
Jones said the permit would remain critical to New Zealand's energy mix in the decades ahead, helping support power generation during dry years when hydropower output falls.
The existing Puka discovery estimates recoverable reserves at about 170,000 barrels of oil and 1.3 billion cubic feet of gas, while the independent assessment of the Oru prospect estimates prospective resources of 1.8 million barrels of oil and 1.2 billion cubic feet of gas.