Statoil, Woodside join hunt for hydrocarbons in New Zealand

|About: Statoil ASA (STO)|By:, SA News Editor

Statoil (STO) and Woodside Petroleum (WOPEF, WOPEY) were among the successful bidders in New Zealand's latest auction of oil and gas permits, five offshore and five onshore, joining Royal Dutch Shell (RDS.A, RDS.B) and a handful of smaller players in the hunt for oil and gas in the country.

New Zealand has been trying to spark additional interest among larger oil companies due to a steady decline in production over the past five years; oil output in 2012 averaged just over 40K bbl/day, down 13% Y/Y.