GNS hydrocarbons section manager David Darby said today that the aim of such a centre would be to attract government and corporate support to double the NZ$4 million a year currently spent on petroleum exploration research.

The centre would involve the collaboration of universities, industry, and GNS to help reduce the geological risk of exploring in New Zealand.

The geological complexity of New Zealand’s sedimentary basins and lack of general knowledge about those basins were significant factors in keeping exploration companies away. Lowering the perceived geological risk by increasing and pooling research efforts was the best way to overcome those disadvantages.

Much work was needed to be done to prove New Zealand's petroleum systems to the point where explorers could drill for significant targets with reasonable confidence.

"Modern seismic data is urgently needed to assess the prospectivity of New Zealand's frontier basins."

Darby denied the GNS initiative replicated the Contact Energy and Mighty River Power exploration drilling fund announced at last month’s NZ Petroleum Conference.

“The focus of that fund is immediate, to increase the level of drilling activity now; we are looking out beyond that and wanting to understand the potential of New Zealand’s frontier basins. We believe there are real riches out there,” Darby told EnergyReview.Net.

GNS was currently preparing a business case so a proposal could soon be made to secure funding for the centre, he added.