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Industry Welcomes Crown Minerals Act Review

7 March 2012

Industry Welcomes Crown Minerals Act Review

The Petroleum Exploration and Production Association today welcomed the release of a discussion paper reviewing the Crown Minerals Act.

Association Chief Executive David Robinson said that in light of the need to grow the economy there was a need to ensure that the petroleum legislation was fit for purpose if the sector was to make its contribution to improved economic performance.

Industry welcomed a review on the duration of minerals permits, particularly as the industry moved to conduct exploration in deeper water further from shore.

“There is an argument to be made that deepwater exploration will take longer to do, and that the legislation needs to reflect that fact by increasing permit durations in frontier acreage.

“The Government has also proposed a system of pre-qualification to tender on petroleum blocks offers. There is to be a new requirement for tenderers to disclose their health and safety history, technical capability, financial ability and environmental track record.

“This will provide the public with greater certainty that the Government is awarding exploration blocks to companies with a good track record in these areas” said Mr Robinson.

“The industry employs more than 7000 people in New Zealand and contributes in excess of $1b annually in royalties and taxation. The industry has an excellent health and safety track record and has the potential to grow significantly without compromising safety or the environment under the right regulatory regime” said Mr Robinson.

ENDS

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