Investors willing to back the discovery and development of New Zealand oil reserves could be investing in a country at the same stage as Norway in the pre-North Sea era, says a leading US money manager.
Renowned for his bullish views on New Zealand's petroleum prospects, William Buechler insists New Zealand is set for an oil bonanza that will eclipse Britain's North Sea oil boom.
"New Zealand is at the beginning of a country-changing event; the challenge is going to be to embrace the change and get it right. Activity and momentum are increasing but going under the radar screen."
Only last week, Todd Energy chief executive Richard Tweedie confirmed Maari and its adjacent Manaia field in offshore Taranaki were home to 100 million barrels of recoverable oil, making it New Zealand's largest crude oil field and twice the original 50 million barrels found at the Tui fields.
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