Oil giant in fight for gas prospect

A huge gas and oil prospect off the bottom of the South Island is at stake in a David-and-Goliath court battle.

ExxonMobil, the world’s biggest oil company, is trying to get its hands on exploration rights in an area that may contain gas and oil worth up to $1285 billion.
The exploration permit in the Great Southern Basin was held by industry minnow Bounty Oil, but Government agency Crown Minerals has revoked the permit. It wants to offer other blocks in the area for international tender.

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