New Zealand awards new permits for Taranaki basin

expat network

New Zealand awards new permits for Taranaki basin

New Zealand’s Energy and Resources Minister, Simon Bridges, has announced the award of nine new oil and gas exploration permits for Block Offer 2015.

Block Offer 2015 includes three onshore permits and six offshore permits, all in the Taranaki basin. Collectively the permits include a committed work program expenditure of $4.4 million New Zealand dollars, with the potential of more than $364 million if all contingent work is realized.

Bridges says the result shows that the Block Offer approach is successfully attracting investment in New Zealand, even in the face of low commodity prices, which are putting pressure on exploration companies to reduce expenditure.

“Over the past three years, the Block Offer process has successfully increased petroleum exploration investment. Block Offer 2015 consolidates these gains and confirms what the industry already knows—that the potential for Taranaki is far from reached,” Bridges said. “The exploration industry is now far more sensitive to budgets in the global context of a low oil price. But the sector is enduring and resilient. They remain attracted to the quality and varied investment New Zealand has to offer.”

Permits were awarded to:

OMV NZ Limited: four offshore Taranaki permits (in partnership with Mitsui E&P Australia Pty Limited)
Todd Exploration: one offshore Taranaki permit
Mont D’Or Resources Limited: one offshore Taranaki permit
Petrochem Limited: three onshore Taranaki permits.

Source: World Oil

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.