Chevron New Zealand has acquired blocks in offshore New Zealand.
The exploration firm was granted the licenses for the blocks in a frontier basin with water depths from 2,600 feet to 9,800 feet.
The areas cover 6.26 million acres and are located south east of North Island.
Melody Meyer, president, said: ‘This award adds to Chevron’s range of potential long-term options in the Asia-Pacific region.
“Chevron’s approach to this project will be guided by our commitment to maintain the highest environmental and safety standards.”
Chevron will hold a 50% working interest and Statoil will hold the remaining half.