ONGC Videsh to explore for oil in New Zealand

ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corporation announced Wednesday that it had won an exploration block in the Taranaki offshore basin in New Zealand.

"The exploration permit has been awarded to us by New Zealand Minister for Energy and Resources Simon Bridges at Wellington Tuesday," it said in a statement here.

ONGC Videsh's foray into New Zealand takes its presence to 17 countries for a total of 36 projects.

"Our maiden entry into the Taranaki basin provides an opportunity to explore the hydrocarbon potential in the region and act as a foothold for greater participation in the far-east region," ONGC Videsh chief executive Narendra K Verma said on the occasion.

ONGC Videsh submitted bid for exploring the block in Taranaki basin in October though the competitive bidding round began in April for five offshore and three onshore release areas.

As the country's largest international oil and gas firm, ONGC Videsh produces 160,000 barrels of oil and oil equivalent gas per day and has reserves of 637 mmtoe (million tonnes of oil equivalent).