3 Jul 2011

New Zealand ranked fifth best for oil and gas exploration

9:57 pm on 3 July 2011

New Zealand has been rated as the fifth best country for oil and gas exploration.

The Fraser Institute Global Petroleum Survey asked 500 petroleum companies to rank countries based on barriers to investment in exploration.

Acting Minister of Energy and Resources, Hekia Parata, is heralding the ranking as a huge success for New Zealand.

She says it confirms this country is a well-regarded destination for international investment and underlines the positive reputation New Zealand has among oil and gas investors.

The Government is currently undertaking a regulatory review of the industries, which experts say is likely to boost New Zealand's rank next year.

The Petroleum and Exploration Organisation's executive officer John Pfahlert says oil companies like to see tight regulations in countries where there is public support for drilling.

The United States, Netherlands, Hungary and Canada joined New Zealand in the top five.