PEPANZ Publishes Briefing to Energy and Resources Minister
The Petroleum Exploration and Production Association of New Zealand (PEPANZ)聽has published it鈥檚 briefing to the new Energy and Resources Minister Megan Woods today, setting out the industry鈥檚 role in 21st century New Zealand.
鈥淭he oil and gas industry is an essential part of New Zealand鈥檚 energy system, society and economy as well as supporting the transition to net-zero emissions,鈥� says PEPANZ Chief Executive Cameron Madgwick.
鈥淥ur briefing sets out how we can help the new Government achieve its goals of growing the economy to benefit all New Zealanders and meet its net-zero emissions target.
鈥淣atural gas will be an important transition fuel as the world seeks to reduce greenhouse gas emissions because it generates half the emissions of coal which is still widely used around the world.
鈥淥ur industry contributes over $2.5 billion to New Zealand鈥檚 economy annually, and around $500 million in royalties and taxes to the Government accounts every year.
鈥淭here is great potential to grow this in other regions beyond Taranaki, as seen by New Zealand Oil and Gas鈥檚 recent report into the Barque prospect off the coast of Oamaru.
鈥淎t a broad level New Zealand has good policy settings, however there are some regulatory issues for the new Government to consider around decommissioning of facilities and consistency of marine consents.
鈥淚t鈥檚 important we keep exploring and developing these natural resources, otherwise we will eventually need to import more energy from overseas. This would mean missing out on the economic benefits and potentially a worse outcome for the global environment as well.鈥�
A full copy of the report is available at http://www.pepanz.com/publications/publications/