Document Actions
Government consulting on Petroleum Reserves
12 August 2010 - Energy and Resources Minister Gerry Brownlee has released a New Zealand Petroleum Reserves options paper aimed at improving the quality of information available about petroleum reserves.
Gerry Brownlee
10 August, 2010
Getting better information is an important part of the government's petroleum action plan, which is aimed at unlocking the potential of New Zealand's abundant resources to create a wealthier and more prosperous country.
The options paper also responds to a specific action item arising from the electricity industry review.
Current and forecast movements in oil and gas reserves are the first and most important factor in all forecasts of future oil and gas availability and supply.
The information is provided by industry and compiled and published by government.
"Reserves information is important to the Crown as owner and manager of the Crown's petroleum estate, and it is important to a range of users for future planning decisions," Mr Brownlee said.
"Having good information out there in the right form will help everyone make good decisions."
The Options Paper proposes three options:
• 1. Carrying out more extensive analysis of existing information, but with no regulatory change.
• 2. Extending the information reporting requirements to include information on a wider range of potential resources, in a similar way to the United Kingdom.
• 3. Extending the reporting requirements further to allow the government to come to a full independent assessment of reserves estimates, in a similar way to Norway.
Feedback on the options paper closes at 5pm on Friday, 10 September 2010.
Click here to view the options paper and information on the submissions process.
