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Title Government of New Zealand to Invest $10 million to Boost Oil and Gas Sector

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Published on : Sep 09, 2015

The Government of New Zealand has announced its plans to invest $10 million in a bid to boost its oil and gas sector around the country, which includes Great South Basin. The investment will be spread out over four years. 

Simon Bridges, the Energy and Resources Minister pointed out sites that high-risk, offshore Great South Basin and onshore Southland for a block-offer tender. The program will be run by GNS in the next four years. GNS will also receive an additional funding of $400,000 in the same period from international exploration companies such as ExxonMobil, Anadarko, Shell, and OMV. This will be spread out over $100,000 a year.

Richard Sykes, leader of the GNS program stated that the findings from this study will be used for making decisions about new permissible acreage that will attract investments for new explorations in New Zealand. According to Mr. Sykes this will allow them to back their bidding with good quality data.
Over the past few years, the government of New Zealand has spent millions of dollars to lure in international exploration companies with shipborne seismic data. 

As GNS leads this research project, several universities from New Zealand will offer support. The ones to form this support consortium are University of Otago, the Institute of Environmental Science and Research, and four overseas universities. This research opportunity will also give a chance to the New Zealand PhD students to work on certain aspects of the research in the coming four years. 

Two PhD students from Otago will work on offshore, shallow seismic studies find the evidence for seafloor gas seepage. On the other hand, an associate professor will study the trace metals in rocks.