Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Another Oil Giant Pulls Out of East Coast

15 January 2012

Another Oil Giant Pulls Out of East Coast

East Coast residents concerned about the impacts of mining in the region are celebrating news that a Canadian oil giant has withdrawn its support for exploration in New Zealand.

A statement on the website of Canadian company TAG Oil this week announced the withdrawal of exploration partner Apache Corporation from any work beyond the first phase of onshore prospecting in the East Coast Basin. Apache Corporation (Canada) had committed up to $110m in the project but this was subject to a decision to continue after initial exploration.

“Obviously the 2D seismic data Apache collected suggested the resource is marginal at best and given the high level of concern expressed by farmers, horticulturalists, wine growers, Maori land owners and the general public, they have decided it is not worth pursuing” said Gisborne District Councillor Manu Caddie.

Mr Caddie is not sure what this development means for a Resource Consent from Apache to drill an exploratory well near the township of Te Karaka, or how it will impact on a Ministry of Business, Innovation and Employment study that uses Apache production scenarios to quantify economic benefits of petroleum production in the region.

“The MBIE study was promised before Christmas and still hasn’t been released. I hope now they will go back to the drawing board and spend another $100,000 on a study looking at realistic and sustainable economic development options for the region. Developing energy from forestry and seaweed biomass, solar power stations and offshore wind should all be getting serious research funding to benefit the East Coast and the whole country.”

“Following hard on the heels of the Petrobras withdrawal, I’m sure there will be many people happy to see Government plans for exploration here and indeed the basis of their whole energy strategy and economic plan are coming undone.”

“It is of concern that TAG are saying they still have longterm plans for the East Coast as their original announcement of the Apache joint venture noted unconventional drilling is high risk and that Apache was bringing experience and expertise that we can only assume TAG doesn’t have.”

Both companies have seen their share prices fall in the days since the announcement of the Apache exit.

The news follows the indictment last week of a TAG employee in New Plymouth accused of industrial espionage by stealing information from the company prior to starting with another Canadian company holding East Coast exploration permits.

LINKS:

• TAG announcement: http://www.tagoil.com/20130111-TAG-Oil-Receives-Notice-From-Apache.asp

• Apache Info Pack: http://nodrilling.files.wordpress.com/2011/10/apache-tag-east-coast-exploration-project-info-pack-1-with-maps.pdf

• TAG employee indictment: http://www.stuff.co.nz/taranaki-daily-news/news/8160600/Oil-manager-accused-of-espionage-gets-bail


ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Two Years With New Methods: Crime Stats Show Increase Led By Burglary

The two years of data show an increase in the total victimisation rate of 3.1 per cent, with 12,060 more victimisations in the 2015/16 year when compared to 2014/15 year. From this increase, 72 per cent is attributable to burglaries. More>>

ALSO:

Auckland Relocation Grants: 12 Grants Paid So Far

Since the policy took effect one month ago, 12 applicants have received the non-recoverable grant, supporting 32 people. $54,508 has been paid out, covering things like moving costs, bond, rent in advance and letting fees. More>>

ALSO:

Vaccine Funding Change: HPV Vaccines For All Children

PHARMAC has today announced changes to funded vaccines, which will benefit an extra 100,000 people... The human papillomavirus (HPV) vaccine will be available for all children and adults up to the age of 26 years, and boys will now be included in the HPV school vaccination programme. More>>

ALSO:

Gordon Campbell: On Why The Opinion Polls For Key And Trump Defy Gravity

What is going on? Donald Trump got confirmed as the Republican presidential candidate at a bizarrely chaotic political convention… and promptly received an upwards bump in the polls to where he’s now rating ahead of Hillary Clinton, for only the second time this year. More>>

Sugar: Auckland Leisure Centres Axe Unhealthy Drinks

Auckland Council is to stop selling drinks that are sweetened by sugar from vending machines at its leisure centres in a bid to try to reduce obesity and type 2 diabetes... More>>

ALSO:

Gordon Campbell: On Todd McClay’s Faulty Memory

Time and again, whenever an issue arises the initial response by government is to deny or diminish the problem – nothing to worry about here, everything’s OK, move on. Then, hang on. In line with the usual pattern, as embarrassing details emerged into daylight, the story changed. More>>

ALSO:

Labour's 'Future Of Work': Major Reform Of Careers And Apprenticeships

The next Labour Government will transform careers advice in high schools to ensure every student has a personalised career plan, Leader of the Opposition Andrew Little says. More>>

ALSO:

State Investments Management: Treasury Likes IRD, Not Education Or Corrections

The Inland Revenue Department has scored an 'A' in the first tranche of the Treasury's investor confidence rating for state agencies that manage significant Crown investments and assets, gaining greater autonomy as a result, while the Corrections and Education ministries gained a 'C' rating. More>>

ALSO:

Govt Goal: NZ To Be "Predator Free" By 2050

Prime Minister John Key has today announced the Government has adopted the goal of New Zealand becoming Predator Free by 2050... “That’s why we have adopted this goal. Our ambition is that by 2050 every single part of New Zealand will be completely free of rats, stoats and possums." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news