Massive Oil Discovery In New Zealand ?  

A company operating in New Zealand is touting a "12.6 billion barrel" shale oil find, leading one local operator to point out "one thing is certain: there is zero chance of there being 12 billion barrels of oil being recovered from that area" and others to note it might be a good idea to drill at least one hole in the ground before making grandiose claims - Massive oil discovery reports 'misleading'.

The Petroleum Exploration & Production Association of New Zealand (PEPANZ) says reports suggesting 12.6 billion barrels of oil could be discovered in the East Coast Basin were misleading.

“The company’s [Trans-Orient Petroleum Ltd] assessment of the prospect for oil is an estimate of potential, not a discovery of oil,” PEPANZ executive officer Pfahlert said. “It is completely hypothetical.”

Pfahlert was responding to news stories which reported Canadian oil explorer Trans-Orient Petroleum Ltd as having found at least 12.6 billion barrels of oil on the East Coast Basin.

The surveying permits held by the Canadian company identified conditions which could indicate the presence of oil, but it was not a sure thing, Pfahlert added. “There is no guarantee of the volume of oil underground. The only way of confirming there is oil is to drill. And no wells have been drilled there since 2001,” Pfahlert emphasized.