Improving information on petroleum reserves
Action 4 of the Petroleum Action Plan
An options paper aimed at improving the quality of information available about petroleum reserves* was released on 10 August 2010. It specifically related to Action 4 of the Petroleum Action Plan, as well as being an action arising out of the 2009 review of electricity market performance.
The Government has three key objectives regarding the reporting and publication of petroleum reserves:
- to ensure a reasonable degree of consistency in estimation methodologies between fields and companies.
- to improve the accuracy and precision of reported reserves.
- to widen the spectrum of reported reserves so that all stakeholders have a view of both the upside and downside potential at existing fields and can manage their risk accordingly.
- New Zealand Petroleum Reserves Option paper [313 kB PDF].
- Media release - Government consulting on petroleum reserves
*Reserves are those quantities of petroleum anticipated to be commercially recoverable.