NZ to Bring 140 Million Barrels of New Reserves to Market

The Associate Minister of Energy, Harry Duynhoven told a recent NZ Oil and Gas Exhibition and Conference in New Plymouth, that the Pohdura and Kupe condensate projects and Tui and Maari crude oil fields will bring 140 million barrels of new reserves to market to peak production by 2010.

These Taranaki projects will dramatically arrest the recent decline in New Zealand's liquids production since the Maui field peaked in 1997, he said.

All of these projects are of national and regional importance. Significantly, they provide New Zealand with the opportunity to improve its balance of trade account by offsetting imported oil, increasing security of supply, and they all provide a huge boost to the local economy via employment and demand for services.

Although the world is working to lessen its reliance on fossil fuels, we will be dependent on oil and gas for some time to come, Mr. Duynhoven said.

"It was in New Zealand's economic interest that, where possible, the oil and gas we use comes from local sources," he said.

As with other fossil fuels, it was important that New Zealand take responsibility for the greenhouse gas emissions that come from its use here.