Maximising New Zealand's Petroleum Potential
[ Last Updated 18 November 2009 ]
New Zealand’s largely unexplored petroleum resource could be one of the country’s most significant economic opportunities.
Government objective
The Government is committed to ensuring that New Zealand is a highly attractive global destination for petroleum exploration and production investment, such that we are able to develop the full potential of our petroleum resources.
The immediate focus must be on increasing exploration activity and improving the knowledge of our petroleum basins.
Petroleum Action Plan
On 18 November 2009, Energy and Resources Minister Gerry Brownlee announced [link to Beehive website]the Government's proposed Petroleum Action Plan to maximise the gains from New Zealand's petroleum resources.
The Government's plans were also set out in the Minister's speech [link to Beehive website] to the NZ Oil and Gas Outlook conference on 18 November 2009.
Expert reports
The Ministry of Economic Development commissioned the following expert reports to gain a better understanding of New Zealand's petroleum resources:
- GNS Science report on New Zealand's potential undiscovered petroleum resources.
- A study from the New Zealand Centre for Advanced Engineering (CAENZ) into potential options for realising New Zealand’s methane hydrate potential.
- Michael Adams Reservoir Engineering reports on the likely revenues the Government can expect from the development of New Zealand’s petroleum resources under a variety of scenarios.
- AUPEC reviewed New Zealand’s current petroleum regime, the policy and regulatory frameworks in other jurisdictions and to recommend areas of improvement that may better encourage investment in the sector.
- McDouall Stuart assessed the national, regional and wider economic effects of developing large-scale petroleum resources in New Zealand.
Further information on the New Zealand petroleum sector is available at www.crownminerals.govt.nz.
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