ONGC Videsh Ltd. has won exploration block 14TAR-R1 in New Zealand in the 2014 bidding round block offer by the government of New Zealand. The bidding round was launched in April 2014 offering five offshore and three onshore release areas for competitive bidding. ONGC Videsh submitted a bid for one exploration block located in the Taranaki offshore basin in October 2014, the company said in a press release.
The exploration permit has been awarded to ONGC Videsh by Simon Bridges, New Zealand’s minister of energy and resources, during a formal ceremony held at Wellington in the parliament Dec. 9.
Commenting on the occasion, Videsh Narendra K. Verma, managing director and CEO of ONGC, expressed satisfaction at the outcome of the bidding, according to the release. He said that the company’s maiden entry into the hydrocarbon province of the Taranaki offshore basin in New Zealand will provide an opportunity to explore the hydrocarbon potential in the region and will act as a foothold for greater participation in the far-east region.
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