There are high hopes that the mining sector in the country will inject millions of dollars in the economy if successful exploration works are carried out over the next few years.
With revelations now made that some companies want to continue exploring for gas and oil in the country, the Lands and Mineral Resources Minister Netani Sukanaivalu said there is now a clear indication that the companies have sufficient evidence to start drilling works.
Although full results on the prospects are expected to be known within the next few years, Sukanaivalu said proper policies have been set out to give out exploration licences to certain companies.
Sukanaivalu also revealed that apart from this, there is also good news coming from the Vatukoula Gold Mine with more gold deposits discovered.
Gold production more than doubled to 40,975 ounces up to August this year and higher outputs are expected in the months ahead.
The Reserve Bank also said higher international gold prices also continue to boost export performance in the sector.
Sukanaivalu said they are now hoping that there are positive results in the next few years in relation to the gas and oil exploration works.
Meanwhile additional evidence has now been found through research conducted by a company planning to drill for gas in Fiji, that there are strong indications that oil and gas deposits do exist in the country.
The Managing Director of Akura Limited, Bill Brook has made the announcement in Nadi at a SOPAC/STAR meeting.
He confirmed that Akura could begin drilling for gas in Fiji as early as next year, subject to the necessary approvals.
Akura Limited is a largely Fiji-owned company that has been given an exclusive 5 year exploration license to search for oil over a 17,600 square kilometer area from August last year.
Brook said Akura has already identified 17 seismic sites or leads that warrant further review work with one prospect ready for drill testing.
The site located some 20 kilometers to the East of Suva indicates the presence of gas and is known as a "bright spot."
Brook said the structure has the potential to contain a minimum of 12.5 billion cubic feet of natural gas or enough to replace 50 percent of the imported diesel now used for electricity generation in Viti Levu for a decade.
However the only way to confirm this is to drill the prospect.
Story by: Vijay Narayan
More gold deposits found while hopes high for oil/gas exploration
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