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Wood's role in The Hobbit will not be as prominent as in The Lord of the Rings, as his character does not yet exist.
"Frodo's obviously not alive at the time of The Hobbit - it's about 60 years before Frodo's birth. So they've written a bit of a piece with Ian Holm as well, reprising his role as the older Bilbo, that I'll do."
Whatever the size of his role, Wood is excited to return to New Zealand once again.
"You know," he says, "it’s actually been 12 years since I flew to New Zealand for the very first time. I flew to New Zealand in August of 1999."
The Hobbit: An Unexpected Journey is slated for release on December 14, 2012, with The Hobbit: There and Back Again arriving in theaters on December 13, 2013.
In the meantime, you can catch Wood on his new series 'Wilfred' Thursday nights at 10pm on FX.