Oil exploration coming to Bay

The Port of Tauranga is about to contact the Brazilian oil company, Petrobras, which is the successful bidder for exploration rights to the Raukumara basin off East Cape.
“We will call them and see if we can help in any way,” says Port of Tauranga chief executive Mark Cairns.

This map indicates the exploration area of interest for oil companies. Images by Crown Minerals at www.crownminerals.govt.nz.

“We think with our available land, if there is a successful oil find we will be well placed.”
Petrobras International Braspetro B.V. has a five year exploration permit over an area of 12,237km2, involving an estimated investment of about $US120 million – if a well is drilled in the area.
Before that happens, Petrobras will carry out years of seismic surveys, beginning with a broad brush two dimensional survey followed up with a three dimensional survey of any area that looks promising.
Bail out clauses allow Petrobras to surrender the permit if either of the survey results are not encouraging.

The estimated costs associated with the work bid are:
• US$5 million for the two-dimensional seismic data
• US$7 million for the three-dimensional seismic data
• US$106 million to drill one well

Satellite radar imaging of the Raukumara basin indicates a number of potential oil seeps, which along with many high amplitude direct hydrocarbon indicators (DHI’s) on the seismic, suggest that there is an active petroleum system operating in the offshore Raukumara Basin.

This map indicates slicks of interest in the exploration area.

The size of the areas with DHI's suggest they potentially contain large volumes of oil and gas.
The Raukumara Basin occupies a marine plain that extends to the north-northeast from the northern coast of the Raukumara Peninsula. A 25,000km2 area of 11km thick sedimentary deposits extends about 300km north and is about 100km wide, bounded to the east by the East Cape subduction ridge and to the west by the Kermadec Ridge.
Water depths range from the coast to more than 3000m at its northern termination.