NZ Govt Believes NZ Possibly A Net Exporter Of Oil By 2030
AUGUST 29, 2011, 5:33 P.M. ET
WELLINGTON (Dow Jones)--The New Zealand government believes oil and gas production in the island nation could substantially increase with New Zealand possibly becoming a net exporter of oil by 2030, the government's energy-strategy report said Tuesday.
The document, New Zealand Energy Strategy 2011-2021, said the government wants New Zealand to be a highly attractive global destination for petroleum exploration and production investment so that it can develop the full potential of its petroleum resources.
"Significant discoveries of oil and gas resources will help boost New Zealand's foreign earnings and domestic gas supplies," the document said. It added the government's immediate focus is on increasing exploration activity and improving the knowledge of our petroleum basins.
In the year to December 2010, crude oil was the country's fourth-largest overseas merchandise export and the government wants to develop this further.
"We also can't ignore the major economic opportunity that continuing global oil demand could provide New Zealand," said Acting Minister of Energy and Resources Hekia Parata.
However, oil drilling has garnered negative attention in New Zealand, with protests against oil companies looking to drill in deep water off New Zealand's coast.