TNVZ/One News: Brazil giant to explore NZ oil

Brazilian oil company Petrobras has been granted the right to look for for oil drilling spots in the Raukumara Basin, off the east coast of New Zealand’s North Island.

The company has been given a 5 year exploration permit, covering an area of over 12,000 square kilometres.

An excerpt: (read in full here)

“Energy and Resources Minister Gerry Brownlee awarded the permit over the Raukumara Basin to Petrobras International Braspetro BV.

“”Petrobras is an international giant in this industry and a world leader in development of offshore drilling technology and production,” Brownlee says in a statement.

“”Given Petrobras’ expertise, and financial and technical pedigree, this is an exciting step into areas of New Zealand until now unexplored.””