The majority of the Oil and Gas Industry operates out of the Taranaki region.
The Taranaki basin covers an area of about 100,000 square kilometres on the west coast of the North Island. Most of the basin, including the Māui field, is offshore. Although much smaller, the majority of producing fields are onshore, largely because it is cheaper to explore and drill there.
In Taranaki more than 350 onshore and offshore wells have been drilled since the mid-1950s, when modern exploration started. Of these, only 120 were wildcats (drill holes testing new exploration targets).
The rest of New Zealand is under explored. Most sedimentary basins have potential, and many untested structural traps could be larger than the giant Māui field. A substantial find is most likely to occur in an offshore basin such as the Great South Basin. Although exploration work, especially offshore, is very expensive, rising oil prices may make more drilling economic.
Our sedimentary basins