New Zealand awarded nine new oil and gas permits Dec. 16, despite international oil prices hovering around an 11-year low.
The awarding of the permits in the Taranaki Basin in New Zealand's north island comes as major oil companies are cutting back exploration, laying off staff and selling assets globally to cope with sliding prices.
Four offshore permits were granted to OMV NZ Ltd., a unit of OMV Austria, in partnership with Mitsui E&P Australia Pty Ltd., a subsidiary of Japan's Mitsui & Co.
OMV NZ currently has interests in the Maui, Pohokura and Maari fields in the Taranaki basin.
Another offshore permit was granted to Todd Exploration, New Zealand's largest privately owned energy company, and a final one to Singapore-based Mont D'Or Resources Ltd.
Three onshore permits were granted to Petrochem Ltd, a unit of Greymouth Petroleum Ltd, which holds exploration and production assets in both onshore and offshore Taranaki.
Energy and Resources Minister Simon Bridges said the exploration industry remains attracted to New Zealand, although it "is now far more sensitive to budgets in the global context of a low oil price."
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