Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


New Zealand Petroleum and Minerals business unit


Thursday, 14 April 2011

New Zealand Petroleum and Minerals business unit

A strategic review of Crown capability to manage the petroleum and minerals estate is nearing an end, Ministry of Economic Development Acting CEO Mark Steel announced today.

A review undertaken in 2010, showed that there was an immediate and ongoing need to increase Crown capability and capacity to meet the government’s objective of maximising the returns to New Zealand from the development of oil, gas and mineral resources.

On 2 May, New Zealand Petroleum and Minerals will replace Crown Minerals, which currently manages the petroleum and minerals estate on behalf of the Crown. The new, larger business unit will remain within the Ministry of Economic Development.

“To develop petroleum and mineral resources in an environmentally responsibly way for economic advantage, we must ensure that we are world leading at how we manage those resources,” said Mr Steel.

“New Zealand Petroleum and Minerals will build on the strengths of Crown Minerals, but will have a strengthened commercial focus, greater sector and industry leadership responsibilities, and enhanced capability in the form of specialist skill sets and greater numbers.”

Capability building will be focused across four directorates, one each focused on the petroleum and minerals resource portfolios, and two cross-cutting groups focused on geological information and business services. Staff numbers are expected to increase from around 40 to around 70 over time. The General Manager will report directly to the Ministry’s Chief Executive David Smol.

The Ministry has appointed Robert Pigou to Transition Manager New Zealand Petroleum and Minerals, until such time as a General Manager is appointed. Robert was most recently Executive Director Mergers and Acquisitions at Ernst & Young Wellington from 2000-2010. He also has past expertise in international resources financing, and has worked across several major geothermal and hydro energy development projects.

The review of agency capability was one of seven action points announced in the Petroleum Action Plan in November 2009.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>

Sci-Tech: Perseverance Rover Lands On Mars – Expert Reaction

NASA has landed a car-sized rover on the red planet to search for signs of past life. The vehicle has more instruments than the four rovers preceding it, and it’s also carrying gear that could help pave the way for human exploration of Mars. The ... More>>


ASB: Quarterly Economic Forecast Predicts OCR Hike As Early As August 2022

Predictions of interest rate rises have been brought forward 12 months in ASB’s latest Quarterly Economic Forecast. Chief Economist Nick Tuffley now expects the RBNZ to begin raising the OCR from its current level of 0.25% as early as August ... More>>

ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>

OECD: Unemployment Rate Stable At 6.9% In December 2020, 1.7 Percentage Points Higher Than In February 2020

The OECD area unemployment rate was stable at 6.9% in December 2020, remaining 1.7 percentage points above the level observed in February 2020, before the COVID-19 pandemic hit the labour market. [1] In December, the unemployment rate was also stable ... More>>

Stats NZ: Unemployment Drops To 4.9 Percent As Employment Picks Up

The seasonally adjusted unemployment rate dropped to 4.9 percent in the December 2020 quarter, from 5.3 percent in the September 2020 quarter, Stats NZ said today. Last quarter’s unemployment rate of 5.3 percent followed the largest increase observed ... More>>