New Zealand’s National Party Mulls $8 Million Fund For Supporting Oil and Gas Investors

The National Party in New Zealand has announced that it would invest $8 million in the next four years in projects that will provide more information to investors in oil and gas sector of New Zealand.

The energy spokesman Simon Bridges noted the prime role being played by the country's resources sector. The country is earning 800 million in taxes and royalties each year. It is employing more than 7000 people. Oil has emerged as the fourth-largest export earner and in 2013, the earnings were $1.7 billion. The spokesman said National stands for realising the economic benefits of resource development, while maintaining the highest possible environmental and safety standards, reported Stuff. co.Nz

Geological Information

The proposed investments will involve a range of data acquisition projects. They will include aeromagnetic surveys and petroleum basin analyses that will deliver critical geological information to the hydrocarbon investors. A recent change of law in the hydrocarbon sector had put directed oil companies to go through the Environmental Protection Authority on a "non-notified" basis. This was to prevent the public from targeting oil and gas exploration projects.

Greenpeace and other environmental groups had been launching a series of court cases to stop oil giant Anadarko from drilling off the coast of Raglan in. Anadarko drilled two deep-sea exploration wells but abandoned the offshore Taranaki and did not pursue the drilling of a second well in the Canterbury Basin. The new law bars, protests at sea within a radius of 500m from an oil rig or ship.

Energy Regulation

The National Part claimed that it had a successful regulatory regime in the oil and gas sector and "significantly strengthened" environmental safety standards.The party assured that it would continue to balance the responsible approach to realize New Zealand's energy potential after adhering to strong environmental and safety provisions during its term in the office. The spokesman said National is aiming high levels of competition among electricity retailers and transparency in the electricity market. The efforts to make Kiwi homes warm and healthier will continue. More emphasis will be paid to develop projects that encourage energy efficiency and carbon reduction. The party will leave no stone unturned to achieve the target of 90 per cent renewable electricity generation by 2025. It will remain a guiding principle in all energy projects.