New Zealand: offshore oil discovery

Canadian-based oil explorer Trans-Orient Petroleum Ltd has found shale rock with the potential to contain billions of barrels of oil on New Zealand’s East Coast. Trans-Orient has two onshore permit areas in the basin, covering about 8750sq/km. AJM Petroleum Consultants had estimated the oil available from just 10% of the area at 12.6 billion barrels. A recent independent technical assessment by Canadian-based petroleum consultants Sproule International Ltd estimated the potential of the two prospects to be in excess of 1.7 billion barrels of oil equivalent.
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