Anadarko is the latest in a string of big companies to exit New Zealand, following Brazilian giant Petrobras, Norwegian explorer and producer Statoil and Mobil, while Shell is selling off onshore New Zealand assets, continuing its global restructuring.
The diminishing interest in offshore oil and gas exploration will be welcomed by environmentalists and will take some immediate pressure off the Labour-led Government, which is being pressed to take a stronger line on all fossil fuel exploration.
National had promoted an annual ''block offer'' to attract oil and gas exploration tenders, whichthis Government is unlikely to recommit to.
Anadarko's corporate affair manager Alan Seay confirmed yesterday the company was pulling out of its Canterbury Basin permit, offshore from Oamaru.
It would consider the possibility of its two partners taking on the permit area, or relinquishing it altogether.
Mr Seay said low oil prices had driven the decision.
''In a low-price environment like that, it's time to make tough choices.''
Anadarko's departure from the area ''should not reflect on its prospectivity''.
''Frontier areas like New Zealand will always struggle [to attract oil and gas explorers]. We'll be looking at other opportunities ... elswhere,'' Mr Seay said.
During the past year Anadarko had pulled out of permits in Taranaki and off the Wairarapa coast and sought a permit extension until next year of its drill or drop requirement
Anadarko came up empty-handed off Oamaru in 2013.
Greenpeace is calling on the Government to turn around the Amazon Warrior, the world's largest seismic survey vessel, which arrived in New Zealand waters yesterday to search for oil on behalf of Austrian company OMV.
It is scheduled to carry out seismic blasting in a blue whale feeding area in the Taranaki bight.
Prime Minister Jacinda Ardern has signalled the law could be changed, after her Government found it was unable to evict the Amazon Warrior from New Zealand waters, The New Zealand Herald reported.
Ms Ardern said it had become clear the Government was legally bound by ''some quite strict criteria''.
''I think it is only fair that we now look at whether that legislation is fit for purpose,'' she said.
New Zealand Oil & Gas, at present under an offshore takeover offer, has been bullish about its deepwater exploration permit, also off Oamaru.
However, even if the takeover goes ahead it has still to find a large enough joint venture partner to fund the estimated $US60million to $US80million required for a test hole off Oamaru.
