From Radio NZ
"Todd Energy and ExxonMobil have given up their search for oil and gas in the Great South Basin off Southland, saying it is too risky and remote.
The Government jointly awarded the companies a permit to explore part of the basin in 2007.
Todd Energy managing director Richard Tweedie says the joint venture has spent the past three years acquiring and evaluating state-of-the-art seismic data from the basin.
Mr Tweedie says it has decided the area has a high technical risk, which is made worse by its remote location and harsh operating environment.
He says the companies tried to bring on new partners to share the risk, but were unsuccessful.Good decision and now let's hope for a domino effect with the other explorations as they get dropped one by one.