A relieved minister, who last month only received a single bid for one of six deepwater Taranaki blocks, said this afternoon that the a total of 23 bids had been received for the 17 blocks, bidding for which closed last Friday. A total of 17 companies had bid for the blocks on offer including four companies new to New Zealand.

"I am pleased with the level of competition for a number of the blocks. This is a reflection on the quality of the acreage on offer and the realisation that the time is right to be exploring for hydrocarbons in New Zealand" said Duynhoven.

The total value of the work programs' lodged was close to $200 million and a number of those involved proposed exploration drilling earlier than the four years often stipulated in Crown Minerals' approvals.

The bidding round included nine offshore blocks and eight onshore blocks, covering a total area of 12,772 sqkm. The offshore blocks are in water depths between 50-200m extending north from Cape Egmont to an area west of Kawhia Harbour. The onshore blocks are located in an area bound by Cape Egmont to the west, Mt Taranaki to the south and Urenui to the east and are immediately adjacent several producing fields and recent discoveries.

Duynhoven added that the early wind down of Maui and projected rise in demand for gas for electricity generation was pushing up gas prices. "The gas market is fast becoming a sellers market and, in the words of one commentator last week, the current environment for explorers in New Zealand is better than at any time in 30 years".

It is known at least one new decent sized Aussie explorer is part of a joint venture involved in these latest blocks. An announcement on the successful bids will be made in January.