New Zealand's prime minister wants more oil and gas exploration

New Zealand Prime Minister John Key said he wants more areas in the country to be opened for oil and gas exploration, the Australian Associated Press reported.

New Zealand Prime Minister John Key said he wants more areas in the country to be opened for oil and gas exploration, the Australian Associated Press reported. Key said the oil and gas industry could be good for New Zealand as the government backs plan to open both onshore and offshore areas for exploration outside Taranaki.

According to the AAP, the prime minister made the announcement for exploration at the Advantage NZ: 2013 Petroleum Conference, where he also said the next five years will be crucial in securing the country's future energy plans.

Radio New Zealand said there are 18 sedimentary basins only being used for exploration and production by Taranaki. As a result, there is potential for discovery in one of the remaining areas.

In order to expand exploration and production in New Zealand, the government is asking for competing bids for permits in the basins. A big discovery is also expected to be made in the next two years, the Petroleum Exploration and Production Association told the radio station.

Visit PennEnergy's research area to learn more about the oil and gas markets in New Zealand.

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