New Zealand Positive About Latest Energy Tenders

New Zealand's recent invitation to bid for exploration permits for 23 oil and gas blocks is likely to generate positive response from major global companies, David Robinson, chief executive officer of the Petroleum Exploration and Production Association of New Zealand, told Dow Jones Newswire. 

The Government of New Zealand has opened tenders for exploration, mainly offshore. These blocks consist of 40,000 sq km of offshore seabed and more than 3300 sq km of land in Waikato, Taranaki, Tasman, the West Coast and Southland.

The tender process for the blocks started June 8 and is scheduled to close Oct. 15. The blocks will be awarded in mid-December, a spokesperson for the ministry of economic development said.

The Taranaki basin, which encompasses 13 of the blocks up for tender, is located on the west coast of the North Island. Its 20 existing fields produced 19.30 million barrels of crude, gas condensate and naphtha in 2010, according to the ministry of economic development, Dow Jones reported.