Company chief executive Randall C Thompson confirmed to EnergyReview.net that Global Resource had taken advantage of the Priority In Time (PIT) application conditions – where companies can at any time bid for open acreage not included in blocks offers – to make its move.

“Deepwater Taranaki is a true frontier region and has never been drilled, despite it having the potential to contain several Maui-size fields, each holding 3 trillion cubic feet or more of gas, and significant oil,” Thompson told EnergyReview.net.

“We do not participate in bid rounds anywhere; we add value to offshore acreage by upgrading geophysical seismic data and generating new geological play concepts.

“Our niche is deepwater offshore frontier basins and what we hope to do in New Zealand we have already done eight times before around the world.”

The Colorado company is also hoping, in conjunction with Crown Minerals – the government unit responsible for administering and licensing New Zealand’s petroleum estate – to attract a major oil company partner to the project.

Thompson said oil majors were not interested in small blocks over which they had little exploration “running room” but they were keen on large frontier regions with the associated “high risks, possible high rewards”.

Global Resource applied for a 55,830 square kilometre licence, PEP 38450, on March 9 – the day after the 2006 NZ Petroleum Conference held in Auckland, which Thompson attended, ended.

Thompson said if granted PEP 38450, Global Resource plans to spend several million US dollars engaging oil and gas consultants, joint venturing with strategic technical alliance partners, and upgrading the geophysical data so the company can propose a new geological deepwater play concept to interested parties.

Previous programs had included similar work in the South China Sea, offshore deepwater China and the Philippines, Morocco, South Africa and Belize.

There was also last May’s acquisition by British independent company, Dana Petroleum, of Global Resource’s 35% interest in a reconnaissance contract covering the north-west Safi area off Morocco’s Atlantic coast. That contract covered 6645sq.km, with water depth ranging up to 3000m, and involved operator Norsk Hydro and ONHYM, the Moroccan national oil company.

Another program Global Resource had been involved with was an offshore South African venture where BHP Billiton had recently committed to drilling an $US80 million ($A110 million) deepwater well by 2007 in the Orange River Delta Basin.

Majors have paid little attention to New Zealand in recent years, with ConocoPhillips drilling the last wildcat frontier well, Karewa-1, in the offshore Northland Basin in late 2002.

ConocoPhillips subsequently plugged and abandoned the well, though New Zealand company Todd Energy took out a small exploration permit covering Karewa and the immediate area. ConocoPhillips’ first well, Wakanui-1, was drilled off the Kaipara Harbour in 1999.

Existing player Royal Dutch Shell has already said it will not be undertaking new E&P work in new fields in New Zealand.

Thompson described Global Resource as a “virtual oil company” with no petroleum reserves of its own but with the ability and industry contacts to undertake significant technical work programs, as indicated by its international exploration track record.

“However, I truly believe this licence application is a win-win situation and will be positive for New Zealand, the industry and all other parties involved.”

Earlier this year, Crown Minerals received no bids for the three Outer Taranaki blocks on offer, despite its initial expectation of intense overseas interest.