Energy minister Trevor Mallard today said the successful completion of the 10,000 square kilometre survey, from Wairarapa to Bay of Plenty, was a precursor to a major tender of New Zealand petroleum basins scheduled for later this year.

Mallard described the 3D survey as a “ground-breaking initiative” which would have a major impact on perceptions of New Zealand as a desirable petroleum exploration destination by international exploration companies.

North American market analysts had also shown interest in this initiative, saying New Zealand’s competitive fiscal regime and the availability of free data packages would draw the attention of North American explorers to New Zealand’s upcoming bidding rounds.

The survey was the first to be undertaken under the NZ$15 million budget approved by Cabinet last September and was part of an investment strategy launched last year to promote international exploration in New Zealand’s frontier petroleum basins.

“Frontier basins such as the East Coast and Northland are critical to increasing New Zealand’s petroleum reserves and reducing New Zealand's dependency on the Taranaki basin,” said Mallard.

The project represented “a significant shift in the strategy to secure oil and gas supplies post-Maui”, he said, as the data acquired would be processed, packaged and made freely available to companies bidding for exploration permits in the region.

“Acquiring the data for free will help reduce the single biggest barrier to attracting new explorers to New Zealand," the minister said.

"It will significantly reduce the time and costs associated with a company evaluating prospectivity and preparing a bid for an exploration permit."

Mallard said processing of the seismic data and regional geological studies had already started and would form the basis of a comprehensive data pack to support the East Coast blocks offer.

An announcement regarding this blocks offer was planned for late July.