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The future of O&G
The oil and gas industry is a critical component of New Zealand’s increasingly diverse energy portfolio, and while it will continue to play a strong role meeting the nation’s ongoing energy needs, this contribution will be supplemented by a growing level of renewably-generated energy, as the energy landscape evolves to deliver new technologies and opportunities.
New Zealand is endowed with an abundant and diverse range of energy resources. Not only do these include its rich mineral and petroleum resources, but the nation’s geography and climate provides mountains with large rivers that flow to generate hydro power.
There is access to geothermal energy, wind resources, plentiful untapped solar energy, seas for marine energy and farming and forestry that offer opportunities to utilise biomass for creating heat, electricity and biofuels.
The oil and gas industry is also responding to the changing energy landscape, and responding to the shift towards the need for greater sustainability through its research and increasing inclusion of environmentally conscious technologies.
The industry in New Zealand is adopting a strong leadership stance emphasising the importance of health, safety and environmental matters.
Government strategies on future energy
The New Zealand Government has established ambitious strategies and targets for future energy, that will include the development of these emerging energy resources to foster greater levels of economic development and grow the economy in an environmentally responsible manner.
The New Zealand Energy Strategy (NZES) sets a strategic direction for the role that energy will play in New Zealand’s future economy. The NZES, released August 30th 2011, proposes four priority areas for energy policy:
- diverse resource development
- environmental responsibility
- promoting efficient use of energy
- secure and affordable energy.
The full document is available here
The document also includes the New Zealand Energy Efficiency and Conservation Strategy (2011-2016), which is specifically focused on the promotion of energy efficiency, energy conservation and renewable energy.
The combined strategy document seeks to maximise the use of New Zealand’s energy resources, but also achieve some ambitious targets for New Zealand, including:
By 2050, achieve a 50% reduction in New Zealand's greehouse gas emissions (from 1990 levels).
By 2025, 90 percent of electricity generation is from renewable energy sources, providing this does not affect security of supply.