Block Offer 2012 - Ten Permits Awarded

NZ Petroleum News
14 December 2012

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Block Offer 2012 - Ten Permits Awarded
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Block Offer 2012 has officially come to a close with the award of 10 new petroleum exploration permits.

The work associated with these new permits represents $82 million in committed exploration spending, and up to $776 million should the permits all reach the full five year term.

"The strong result to the block offer is very pleasing – New Zealand is definitely getting the attention of the international oil and gas community," said David Binnie, General Manager New Zealand Petroleum & Minerals.

"We expect the annual block offer process to yield good results for the benefit of all New Zealanders and are already in preparation for Block Offer 2013, which is now under consultation."

More information on the awarded permits:
http://www.nzpam.govt.nz/cms/news_media/2012/block-offer-2012-ten-permits-awarded

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Study of economic impact of hydraulic fracturing released
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The practice of hydraulic fracturing has the potential to deliver almost $800 million in annual GDP and over 7,000 jobs under a growth scenario, or fail to deliver $215 million in GDP and up to 2,000 jobs if a moratorium, a new report has found.

The report, 'Unlocking the potential: an economic impact of hydraulic fracturing of oil and gas wells in New Zealand', has been developed by Venture Taranaki, Taranaki's regional development agency, in conjunction with Wellington-based BERL.

"To date discussions around hydraulic fracturing have focused on the environmental and health and safety impacts," says Venture Taranaki Chief Executive Stuart Trundle.

"This report seeks to inform discussions about the future of the process in New Zealand with rigorous economic analysis."

It looks at the economic outcomes of three scenarios for the practice – a moratorium, a business as usual scenario, and an expansion into emerging areas of oil and gas exploration and production.

More information on the report:
http://www.nzpam.govt.nz/cms/news_media/2012/study-of-economic-impact-of-hydraulic-fracturing-released

Read about the UK's decision on lifting the suspension on fracking for shale gas:
http://og.decc.gov.uk/en/olgs/cms/explorationpro/onshore/sg/sg.aspx

More information about hydraulic fracturing in New Zealand
http://www.nzpam.govt.nz/cms/petroleum/overview/hydraulic-fracturing

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Government welcomes report on fracking
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Energy and Resources Minister Phil Heatley and Environment Minister Amy Adams have welcomed the Parliamentary Commissioner for the Environment's interim report on her investigation into hydraulic fracturing (fracking).

The interim report finds that the environmental risks associated with fracking can be effectively managed, providing that the best operational practices are implemented and enforced through regulation.

"We acknowledge the Commissioner's interim view that the evidence she has considered to date suggests a nationwide moratorium on fracking is not justified," said Mr Heatley and Ms Adams.

Read the full article:
http://www.nzpam.govt.nz/cms/news_media/2012/government-welcomes-report-on-fracking

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Health and safety a priority in oil and gas production
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New regulations will ensure that health and safety is a priority in the growing petroleum exploration and extraction industry, Acting Minister of Labour Christopher Finlayson announced.

New regulations are being introduced to strengthen management of oil wells over the whole life of the well, including managing hazards that could cause a major accident, and minimising the likelihood of an uncontrolled release of oil and gas. Operators will also be required to prepare and submit safety cases to the regulator for assessment before commencing any new operations.

From June 2013, operators carrying out petroleum exploration and extraction activities will have to comply with new regulations for the management of major accident hazards, made under the Health and Safety in Employment Act.

Read the full article:
http://www.nzpam.govt.nz/cms/news_media/2012/health-and-safety-a-priority-in-oil-and-gas-production

ENDS

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