Small oil producer New Zealand has halted exploration of a potentially major oil field in the wake of the Covid-19 pandemic and increased regulator pressure. New Zealand Oil and Gas (NZOG) won the contract in 2016 to drill an exploration well in the Barque prospect, in the Canterbury Basin to the east of New Zealand, at a projected cost of US$120 million.
The company was initially given until June 2020 to drill the exploration well. However, this deadline was extended to 2022 due to the difficulties faced during the Covid-19 pandemic.…Will New Zealand Ever Unlock Its Oil Potential?
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