Hydrocarbons are found in most New Zealand sedimentary basins formed over the past 100 million years, but it is only since the 1960s that hydrocarbon production has been significant in terms of the country’s economy and fuel needs. Oil and gas is currently produced from 11 petroleum mining licences/permits fields, all in the Taranaki Basin. According to the 2008 BP Statistical Energy Survey, New Zealand consumed an average of 151.03 thousand barrels a day of oil in 2007.
The Taranaki Basin has always been the main focus for hydrocarbon exploration and production in New Zealand. The first well was drilled in 1865 and petroleum has been continuously produced from the basin since about 1900. The modern era of exploration and production began in 1959 with the discovery of the gas-condensate field at Kapuni on the Taranaki Peninsula. Subsequently, the third offshore well drilled in New Zealand discovered the 'giant' Maui gas-condensate field in 1969. Over 80% of New Zealand's oil and gas production is derived from the Maui and Kapuni fields. According to the 2008 BP Statistical Energy Survey, New Zealand had 2007 natural gas production of 4.01 billion cubic metres and consumption of 3.74 billion cubic metres.
All other New Zealand basins have been explored to some degree and most of them have an exploration history dating back to the early 1900s. Many of the basins exhibit oil seeps and exploration data reveal many structures with hydrocarbon potential. An onshore gas discovery was made in the East Coast Basin in 1998, while sub-commercial discoveries have also been made in the offshore Canterbury and Great South basins.
