NZ has lots of gas

Suggestions that New Zealand is about to run out of gas are misleading and will panic the market unnecessarily, the country’s largest LPG supplier said today.

Rockgas Limited general manager, Owen Poole, said New Zealand has sufficient gas resources estimated to last another 50 years.

"Maui may well be running down. But it is misleading to say we are running out of gas. That kind of comment worries the commercial, small industrial and domestic user unnecessarily when there is certainly no call for it."

Mr Poole was responding to claims by Fletcher Challenger Energy chief operating officer, Lloyd Taylor, that New Zealand could run out of gas in three years potentially.

"Mr Taylor may have been trying to encourage the Government to get behind further exploration in New Zealand.

"This would definitely benefit New Zealand but it shouldn’t be interpreted as a signal that gas is about to run out.

"We have plenty of available resources. In fact Swift Energy said today that the recently discovered Rimu oil and gas field could be New Zealand’s biggest."

New Zealand also has untapped gas resources in the sizeable Kupe field, which is very rich in LPG, and the Mangahewa and Wairoa fields.

The Kauri and Pohokura prospects also look promising and exploration is underway off the Canterbury and Wairarapa coasts.

Mr Poole said New Zealand could also very easily import LPG to support local demand.

"It is a commodity product all over the world and importing it here if needs be would be a very simple exercise."

Regards

Daniel Paul Director Sigma Group (Wellington) Limited Tel: (04) 4728-961 Fax: (04 4728-639 email: danielp@sigma.co.nz

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