Associate Energy Minister Harry Duynhoven today said that New Zealand’s growing international appeal as an exploration destination was expected to result in strong international bids for the new acreage.

“In the lead up to this announcement there have been many discussions with international companies which give us a high level of confidence that there will be new entrants to the exploration scene in New Zealand,” Duynhoven said.

“Outer Taranaki has had little exploration to date, but expert opinion indicates that it has the scale of potential that will appeal to well-resourced, international companies.”

Duynhoven said in recent months Crown Minerals had “heard and responded to” international explorers’ demands that New Zealand increased the scale of exploration opportunity, provided improved knowledge about the region, and put forward an attractive business case for investment.

“I think it is fair to say that overseas companies have been pleasantly surprised how quickly the New Zealand government is able to act compared to other jurisdictions, and that speed of response is now creating a much more competitive environment for exploring here,” he said.

Duynhoven noted recent comments from Chinese petroleum giant Sinopec about possibly exploring in New Zealand.

“That would send a powerful signal to exploration companies around the world that the time was ripe for an exploration boom in New Zealand,” he said