Government releases revised draft replacement minerals programme for petroleum

The Minerals Programme for Petroleum outlines the policies, procedures and provisions to be applied in respect of the management of petroleum.

Earlier in the year, submissions on the Draft Replacement Minerals Programme for Petroleum were invited as part of an extensive consultation process. "I have considered matters raised in the submissions and, as a result, changes have been incorporated in the revised draft," said Mr Duynhoven.

"The revised draft programme released today specifies essentially the same permit allocation and royalty regime as previously advised on 26 June 2004. It also includes a revised definition of 'discovery' that," explained Mr Duynhoven, "makes it clear that the incentives package will only apply to new discoveries. The package is designed to hasten exploration for material new fields to meet future energy needs. We are incentivising companies to drill more wells than they might otherwise have normally committed to."

"It also incorporates a decision on a request by Ngai Tahu to exclude the Titi (Muttonbird) Islands from the operation of the Replacement Minerals Programme for Petroleum."

The revised Draft Replacement Minerals Programme for Petroleum will be issued as the "Minerals Programme for Petroleum 2005". Public notification will be given of the issuing of the Minerals Programme and of where copies may be obtained.