Petroleum developments in New Zealand in 1974

Offshore drilling was delayed and will start early in 1975. No land seismic was carried out, and offshore surveys amounted to 7,100 line-km, down 34% from 1973; however, they were mainly detailed surveys resulting in more than 10 offshore drilling locations now being confirmed. No wildcat drilling was conducted on land, but development drilling in the Kapuni field totaled 48,591 ft; the expansion program is continuing. Production was 50 MMCFGD, up 5.7%from the previous year, and 3,794 b/d of condensate, up 7.5%. Contracts have been let for the construction of the first Maui production platform and the drilling of 12 production wells. For about 50,000 sq mi of offshore concessions due to expire in September 1975, the government has offered a two-year special extension, on condition that it gets a 51%interest while paying 40%of exploration costs; most companies are expected to accept the offer. Total concession area on land decreased to 20,483 sq mi, a reduction of 10%from last year, and offshore concessions decreased 19%to 257,085 sq mi.