Shell to start drilling oil exploration well offshore New Zealand

Royal Dutch Shell (RDS.A, RDS.B) says it will go ahead with drilling an oil and gas exploration well in the Great South Basin off the coast of New Zealand's South Island.

Foreign interest in New Zealand's oil and gas reserves has been running high for some time and a commercially viable reserve could boost the country's energy sector revenues; production currently is centered on the Taranaki basin, off the west coast of the North Island.

Shell says it is likely to target a start date in late 2016.

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