New Zealand's Reinga Basin opened for oil and gas exploration

Energy and Resources Minister Gerry Brownlee has announced the opening of bidding for six new petroleum exploration blocks across the Reinga Basin off the northwest coast of New Zealand.
The block offer covers 105,230 sq km, and neighbours the Northland Basin also currently open for bidding. The area is geologically contiguous with the hydrocarbon producing Taranaki Basin. This is the first time blocks have been offered over the Reinga Basin.

"This is an exciting opportunity for New Zealand and explorers alike. It is one of the most prospective frontier basins in the New Zealand region with all the elements required for an active petroleum system present over a large area," said Mr Brownlee.
"This Government is committed to maximising the potential of New Zealand's largely untapped petroleum resources. There could be substantial regional and national economic benefits arising from any discovery of new oil and gas," said Mr Brownlee.

"The immediate focus must be on increasing exploration activity and improving the knowledge of our petroleum basins. To support exploration of this virgin frontier basin area, the Government acquired 2,026 km of 2D seismic data over the Reinga Basin in early 2009, as part of its Data Acquisition Programme."
A further 3,886 km of 2D seismic data is available from CGGVeritas.

In coming months Crown Minerals will be promoting the Reinga Basin and Northland Basin bidding rounds to companies in Australia, North America, Europe and Asia.
The current block offer keeps up the momentum generated by previous block offer releases such as onshore Taranaki, offshore Raukumara, which closes in January, and offshore Northland, which closes at the same time as the Reinga Block Offer on 18 August 2010.