The conference will scrutinise oil exploration and production opportunities and how they should be managed ‘‘Beyond 2008''.
In dollar terms, New Zealand has never seen such a flurry of proposed and actual exploration money being spent on potential offshore targets, ranging from Northland, around the historic Maui field off Taranaki, the Wairarapa and more latterly the Great South Basin beyond Invercargill.
The financial success of the Tui field off Taranaki, which has produced more than nine million barrels of light crude for offshore refining since going into production last July, has sharpened public awareness of the potential in petro-economies, as has the record over $US100 (about $NZ125) per barrel prices reached in recent weeks.
Tui rapidly became our third largest export earner during the past quarter to December, with oil exports at $254 million, 10 times their level a year earlier and enough to offset a third of the month's record oil imports.
At the conference, Crown Minerals is tipped to be presenting seismic data to up to 450 industry delegates from recent exploration around the Raukumara Basin of the North Island's east coast.
In much the same way, it spent $5 million on Great South Basin data, which prompted two international consortiums to commit $1.2 billion for five years of exploration.
Crown Minerals group manager Chris Kilby said although the country was ‘‘riding a wave of increased exploration activity and enjoying the economic success of recent discoveries, not enough was understood about New Zealand's offshore resources.
‘‘A shift in technology and the global market for energy means New Zealand appears to have the potential for global-scale oil and gas discoveries with associated export earnings,'' Mr Kilby said in a statement.
There were both economic opportunities and operational challenges to be considered and discussed at the conference, he said.
Interest is not limited to oil and gas, but includes lignite exploration and technology, which has attracted the attention of several major and junior players in the industry in recent years.
- Simon Hartley will report from the conference, attending courtesy of Crown Minerals.
