Onshore natural gas field operator Todd Energy’s Todd Exploration Management Services has been awarded an onshore exploration block in New Zealand’s Taranaki basin.
The exploration permit covers an area of 105km², east of Inglewood, in onshore Taranaki. Todd has been granted the permit as a result of a Blocks Offer 2018 tender, where the company secured a ten-year permit for the exploration block.
The bid procedure of the block underwent a rigorous evaluation by New Zealand Petroleum and Minerals, which is part of the Ministry of Business, Innovation and Employment.
New Zealand Ministry of Business, Innovation & Employment said in a statement: “The release area for Block Offer 2018 was restricted to the onshore Taranaki region, covering 2,188km².
“It followed a law change in November 2018 that gave effect to the government’s announcement that it would no longer grant offshore petroleum exploration permits and would restrict future block offers to the onshore Taranaki region.
“The change to legislation also prohibits access to conservation land as part of the Block Offer process, except for minimum impact activities.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIn August 2017, Todd Energy acquired 50% of onshore natural gas-condensate field Kapuni in the Taranaki Basin from Shell, making the company the complete owner and operator of the field.
Todd has oil and gas exploration and production (E&P) interests, as well as retails natural gas and liquefied petroleum gas (LPG).
