Post by Kiwi Frontline on Oct 14, 2016 16:32:35 GMT 12
NORWEGIAN OIL GIANT PULLS OUT OF NORTHLAND
Norwegian oil giant Statoil has struck out in the Reinga Basin and pulled the pin on exploration, denting the government's resources strategy.
When put up for tender in 2010, the area was described by government agency, GNS Sciences as one of the most prospective frontier basins in New Zealand.
Statoil said strong opposition from some iwi and environmental groups to its programme off Northland's west coast had not played a part in its decision to surrender the permit.
"Some may speculate we are surrendering the permits for various reasons but the only reason is that we see the probability too low to justify continuing our search, " said Statoil New Zealand country manager Brynjulv Klove.....