New oil and gas exploration will boost economic and energy security - PEPANZ
Industry body confident the government's release of new tenders for oil and gas exploration will attract both local and foreign interest from companies with expertise in deep water exploration.
Fri, 10 Feb 2012
The petroleum exploration industry says news that the government is releasing of new oil and gas exploration acreage will make a significant contribution to economic and energy security.
“The local oil and gas industry is currently New Zealand’s fourth largest export earner, generating in 2011 some $400m in petroleum royalties for the people of New Zealand, with potential to grow significantly higher. A successful oil and gas industry in New Zealand means more jobs, investment, innovation; more taxes and royalties to help fund social needs and a secure energy supply for New Zealanders," PEPANZ CEO David Robinson said.
“Oil and gas development in Taranaki has made a huge difference to the regional economy, and could do the same for other regions.”
Minister of Energy and Resources Phil Heatley yesterday signalled an on-going intention by the government to develop oil and gas reserves in sedimentary basins around New Zealand. The blocks offer, replacing the permit in time regime, has been long awaited by the industry and it is very encouraging to see the Government delivering on their promises," Mr Robinson said.
He is confident the offer will attract both local and foreign interest from companies with expertise in deep water exploration and that the annualised approach to blocks offer will attract investment from organisations attracted by New Zealand’s stable environment.
“However we are aware that there is some concern among the public of the risks of deep water exploration. In that regard we can point to a 40 year track record of successful offshore well completion in this country, including in deep water. The Government will also have in place new offshore drilling regulations and a new environmental consenting regime by the time these permits reach the drilling stage. I would like to assure the public that our members are committed to the highest ethical and environmental standards and manage the risks associated with exploration very carefully indeed.” said Mr Robinson.
The sector directly employs some 4000 staff and generates export earnings exceeding $3b a year, he said.
Fri, 10 Feb 2012
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