NZ New oil province?

  1. 1,317 Posts.
    Any experts out there have any views on whether or not NZ is likely to prove to become a major new oil and gas province. I am talking about prospects on and offshore the North Island and specificallly but not exclusively the Taranaki Basin. There have been some good finds there in the past eg Maui gas field but, and I speak as a layman, there seems to be considerable potential to find other fields. I am told that most major oil accumulations normally occur closer to the equator eg. Middle East and that earthquake prone areas like NZ are not usually prospective for oil and gas. But companies continue to put money into exploration there with some success eg recents finds leading to new producing fields like Rimu/Kauri. I have holdings in BLO and PPP and was thinking of increasing my exposure. There has been very few threads on HC and elsewhere about the junior oilers in recent months probably due to the fact that most interesting oil plays are months away from being drilled and so the hot money has chased more immediate gains elsewhere eg in gold. Shares in the junior oilers have accordingly taken a hit of late but this to me seems a good buying opportunity for those prepared to wait and as long as the oil price holds up. JBC
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