The New Exclusive Economic Zone Gas And Mineral Deposits A Target For New Exploration

With its new continental shelf beyond the exclusive economic zone, New Zealand is a country with just 4% of its territory above water. The other 96% is submerged. New Zealand's marine territory covers an area about three-quarters the size of Australia. This territory includes large portions of the Gondwana continent from which NZ separated more than 80 million years ago. This underwater land mass extends from the shores of New Zealand to a water depth of more than 5,000 m, is largely unexplored and is almost certainly the site of many large, untapped oil, gas and mineral deposits. Underwater oil and gas drilling is now a universal activity. Underwater mining is in its infancy and will become a major activity in the future, contributing greatly to the New Zealand economy. New hydrocarbon deposits will undoubtedly be discovered under the ocean floor in regions such as the Great South Basin located off Canterbury and Otago. Mineral deposits are also undoubtedly located within the oceanic crust of this underwater NZ continent. These are as yet unknown and unexplored. The oceanic crust north of the North Island is currently being extended through the subduction of the Pacific plate into the Tonga Kermadec trench and through the growth of a line of submarine volcanoes extending north to Tonga. Active submarine volcanism has led to the growth of ocean floor mineral deposits consisting of polymetallic sulphides with iron, copper, zinc and lesser gold, silver and other metals.