Fans of the sci-fi 3D movie 'Avatar' will have a reason to rejoice now that director James Cameron officially confirmed the creation of 'Avatar' sequels. On Monday, he announced that he would be directing three 'Avatar' sequels.

The three films will be created by Lightstorm Entertainments and Twentieth Century Fox. The New Zealand-created 'Avatar' made records in 2009 as the highest-grossing film in history with its $2.8 billion international box office take. It similarly won three Academy Awards leaving fans wanting for more. The producers heard such wishes that they announced the creation of 'Avatar' sequels.

According to Cameron, he is planning to complete the shooting of all three movies at one time. The producers are aiming to release the first sequel on December 2016. The two other movies will be respectively releases in 2017 and 2018.

"It's quite a thrill to be officially saying that we're bringing the Avatar films to New Zealand. We had such a wonderful experience here making the first film," says the director. He adds that the writing and design of the sequels have already started.

Another good news for the film is that New Zealand's government has agreed to shoulder 25% of the films' budget. The government will be giving a rebate since the agreement states that Lightstorm and Twentieth Century Fox will allot at least $413 million in New Zealand for the movies' production.

While Cameron refused to reveal the films' overall budget, he said that the three movies' production costs would not exceed $1 billion because of the economy's condition.