ExxonMobil (NYSE:XOM) said it has surrendered its permit to explore the Great South Basin off the coast of New Zealand when it couldn't find another partner, which increased the risk factor to the point of abandoning the project.
The energy giant held 90 percent of the permit before dropping it. New Zealand's Todd Energy held the other 10 percent of the exploration permit.
After a long period of time of seeking out partners, even being granted a 12-month extension last year, Exxon still wasn't able to generate interest in the mainly gas field.
The predominant gas asset was probably the reason for the lack of interest, as enormous global reserves have continuing downward pressure on gas.
With exploration costs estimated into the hundreds of million, and the development of the gas field possibly into the billions, it was evidently too much to ask companies take a stake in.
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