From a global perspective, New Zealand is a frontier oil and gas location. It’s proven success record, open, low risk and straightforward entry and permitting process have seen it attract significant momentum around the oil and gas industry.
New Zealand has:
- Significant petroleum potential
- Underexplored basins
- Straightforward permitting
- Freely available seismic and interpretive data
The New Zealand Government is committed to ensuring that New Zealand is a highly attractive global destination for such investment.
The Government has made a number of policy changes that have underscored this commitment, including:
- Strengthened support and communications to raise the profile of the petroleum sector
- Greater availability of information to assist investors and the development of the O&G resource
- Review of legislative framework around regulations, royalties, and taxation to ensure it is business friendly, fair and equitable
- A review of capability and resourcing for management of the resource estate.
The Government's strategy documents reaffirm the importance of the energy sector to New Zealand's economy and the priority placed on the positive development of the country's natural resources, including oil and gas.
Read the economic growth agenda
Read the Building Natural Resources document which is an important subset of the Growth Agenda (above)
Read the nation's Energy Strategy
In August 2008 a United Nations Commission confirmed the significant extent of New Zealand’s maritime entitlement. New Zealand now has sovereign rights over more than 5.7 million square kilometres of seabed. This means that in addition to its onshore resources, New Zealand has an extensive offshore area of significant petroleum potential.
As a result of these and other recent positive developments, the global benchmarking report from the Fraser Institute has highlighted the attractiveness of New Zealand’s attractiveness as an oil and gas investment location.
An oil and gas portal
The EnergyStream website offers a comprehensive and growing range of resources to demystify and develop the oil and gas industry in New Zealand.
Administered by Venture Taranaki - the regional development agency for the Taranaki region, Energystream's function is to provide a welcoming and informative site from those at the hub of New Zealand's premier oil and gas region. Venture Taranaki (VT) also provides a range of other support services for the oil and gas and other industries in the region.
VT's provides services to help grow the Taranaki economy - the oil and gas industry is an important component. The agency is supported by Local and Central Government.