The award of 10 new exploration permits is a step towards better development of New Zealand’s petroleum resource, says BusinessNZ.

Chief Executive Phil O’Reilly says New Zealand’s oil and gas resources have the potential to create significant economic growth and moves to responsibly develop them are in the national interest.

He said the block offer approach was a useful development.

 “Changing to block offers allows competitive bids, helping us get a better deal from exploration companies both in terms of engagement with communities and revenue received.

 “The distribution of permits in different regions is positive for the communities concerned and the overall revenue will be a welcome addition to the economy.

“Unlocking our petroleum resources requires leadership, and the Government is to be congratulated for advancing this important initiative.”