American oil company Anadarko says its first New Zealand attempt to find oil off the New Zealand coast has been disappointing.
The company had been drilling about 160km off the Raglan coast. However, they didn’t find enough oil for them to start a full time oil rig.
The drilling ship drilled down 4619m on the ocean floor and was in about 1500m of water.
The firm said the well they used would be abandoned and plugged in accordance with New Zealand regulations.
the company will now move to a site off the Canterbury Basin which is out from the Otago coast.