Monday, March 10, 2008

An oil bonanza for New Zealand?

About 2 billion barrels of oil have been discovered in the offshore Taranaki Tui oilfield, which is currently producing about 45,000 barrels a day. And that's not all. As the New Zealand Petroleum conference begins in Auckland, GNS exploration geophysicist Chris Uruski says many more billions of barrels could be found off New Zealand's coast, possibly in water as deep as 2000 metres. All this, he says, could make New Zealand "the southern hemisphere's answer to North Sea oil".

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