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10 March 2021 2:27 GMT Updated 10 March 2021 2:27 GMT
New Zealand s upstream oil and gas industry today bemoaned the end of an era with the last exploration permit outside of the Taranaki basin being surrendered.
Block 55794, also known as the Toroa permit, in the frontier Great South basin off the South Island was relinquished today by the 100% owner and operator New Zealand Oil and Gas (NZOG).
NZOG chief executive Andrew Jefferies said his company had exhausted all avenues to find a potential partner to progress drilling this acreage and so reluctantly relinquish”.
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