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Existing Oil And Gas Permit Holders Will Be Protected

EXISTING OIL AND GAS PERMIT HOLDERS WILL BE PROTECTED

New Zealand First Deputy Leader and energy spokesperson Fletcher Tabuteau says New Zealand First is proud to have negotiated an outcome that will protect the rights of existing permit holders in the oil and gas industry.

The Government has today announced no new permits for offshore oil exploration, limiting block offer 2018 to new onshore acreage in Taranaki.

“More than 4,500 people are directly employed in the oil and gas industry across New Zealand and being able to protect these jobs is why we’re taking action now,” Mr Tabuteau said.

Throughout discussions about this decision, New Zealand First advocated to protect the rights of existing permit holders.

“With ten years’ worth of natural gas already consented, plus potentially billions of dollars of natural gas reserves permitted but yet to be considered, we can ensure security of supply and economic returns to New Zealand,” Mr Tabuteau said.

“We believe that ensuring certainty in the industry to those who currently hold exploration, prospecting and mining permits is of vital importance, particularly for the thousands of workers employed in this sector.”

“With what has been achieved, we now have a 50 year time horizon to ensure a just transition.

“Existing permit holders will continue to be able to apply for permit extensions and change of conditions in line with New Zealand Petroleum and Minerals protocols and no-one working in the oil and gas industry today will lose their jobs because of the Government announcement,” Fletcher Tabuteau said.

ENDS

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