Brazilian exit a blow to NZ oil search | Pacific Beat

Brazilian exit a blow to NZ oil search

Brazilian exit a blow to NZ oil search

Updated 5 December 2012, 10:59 AEDT

The Brazilian energy company, Petrobras has withdrawn from deep sea oil exploration off New Zealand's North Island.

The company says it cannot afford to go ahead because of the massive costs involved in drilling for oil and is surrendering its exploration permits.

Petrobras' oil search has been targeted by Greenpeace and Maori demonstrations.

Presenter: Geraldine Coutts

Speaker: Dominique Schwartz, ABC New Zealand correspondent

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