$12 million R&D for Kiwi oil sector

New Zealand has allocated $12 million for oil sector basin modeling R&D

New Zealand’s Institute of Geological and Nuclear Sciences Limited (GNS) has won a government contract to help in the search for new oil and gas reserves. The contract is valued at NZ$3.6 million a year for six years – an aggregate of about $12 million US – provided by the Foundation for Research, Science & Technology. The aim of the program is to identify regions with petroleum potential to help attract new exploration companies to New Zealand. The new program sets out to develop a four-dimensional computer model of the prospective parts of New Zealand’s sedimentary basins.


Program leader Pete King said, “As well as geographic location, the model will show thickness and depth of burial of rock strata likely to contain oil and gas, and how factors affecting the evolution of petroleum accumulations have changed through geological time. We’ll work closely with oil companies to identify special areas where our research efforts can be focused.” The new research program contains a mix of fundamental geological knowledge, ‘big-picture’ regional evaluations, computer-based modeling, and solutions-based research attuned to industry needs. The research will add value to industry data and will be of a type not normally undertaken by exploration companies.

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