CBX Energy applies for petroleum prospecting in Pegasus Basin

CBX Energy Limited has lodged a new petroleum prospecting application for the Pegasus Basin, located east of New Zealand’s North Island. The application covers approximately 4,207.26 square kilometers over the Wahipapa fairway, an area considered a prospective frontier basin for hydrocarbons.

New Zealand Petroleum and Minerals has initiated a three-month competitive process to assess the application. This marks the seventh petroleum prospecting or exploration application accepted for assessment since the repeal of the offshore exploration ban.

Resources Minister Shane Jones stated that the renewed interest in the petroleum sector reflects growing confidence in the nation’s resource potential and the role natural gas may play in future energy security. The proposed work involves technical studies using existing geological and geophysical data to better understand the basin’s potential.