Greater focus on oil and gas sector
A group within the Economic Development Agency will be pumped up to improve the focus on the oil and gas sector.Energy and Resources Minister Gerry Brownlee said the Crown Minerals Group would have a more commercial and strategic approach to better meet t
A group within the Economic Development Agency will be pumped up to improve the focus on the oil and gas sector.
Energy and Resources Minister Gerry Brownlee said the Crown Minerals Group would have a more commercial and strategic approach to better meet the needs of both industry and the government.
The Crown received $450 million in royalties from petroleum in the 2009/10 financial year, and $540 million in 2008/9.
"There will be a substantial increase to the number of staff in the unit so it has better access to the requisite commercial and technical skills," Mr Brownlee said.
"The unit will be a key driver of an integrated petroleum investment strategy based on geoscience knowledge and promotion investment, which the government is developing."
An advisory board would be set up to oversee the unit.
Mr Brownlee said an independent review found a significant increase in the Crown's capability was required in order to deliver on the objectives of the Petroleum Action Plan, as well as the government's objectives for the development of other mineral resources.
The funding for the unit would be reprioritised out of existing baselines.
The Petroleum Action Plan was announced in November 2009 and sets out the government's commitment to ensuring the potential of New Zealand's petroleum resources are realised.
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