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


Investor Confidence Key To Keep Natural Gas Flowing

Energy Resources Aotearoa says MBIE’s latest release of petroleum reserves data shows the importance of investor confidence in ensuring a continual supply of natural gas in New Zealand.

The information release shows that Proven plus Probable (2P) reserves of petroleum have decreased by 5.1% in the past year.

Energy Resources Aotearoa Chief Executive John Carnegie says:

"Natural gas provides the energy to power New Zealand’s transition to a low-emissions economy. To ensure that we have an orderly and affordable transition, it is vital for our social and economic wellbeing that the sector has the confidence to invest in natural gas production."

Carnegie says that operators’ ongoing investment in production is welcome, as a reliable supply of natural gas helps keep the lights on, showers hot, and steaks cooked when renewables cannot meet demand.

"We are encouraged by OMV’s ongoing investment in the Maui field and planned appraisal drilling of Toutouwai. Todd has undertaken further drilling at Kapuni, and Beach Energy has also signalled they are planning to further develop the Kupe field."

"As recent weeks have shown, there can be cold winter days when the wind stops blowing and the lakes cannot meet New Zealand’s electricity demand alone. Natural gas plays a key role in enabling the use of renewables by being able to contribute to electricity generation during times of peak demand."

© Scoop Media

Business Headlines | Sci-Tech Headlines


Bell Gully: Uncertainty Ahead With New Unconscionable Conduct Legislation

new prohibition against ‘unconscionable conduct’ in trade is one of a number of changes to the Fair Trading Act 1986 that come into force from 16 August 2022. The new prohibition may have wide-ranging implications for many businesses... More>>

Statistics: Food Prices Increase 7.4 Percent Annually
Food prices were 7.4 percent higher in July 2022 compared with July 2021, Stats NZ said today... More>>

REINZ: Market Activity And Prices Continue To Ease, First Home Buyers Start To Return To The Market

New Zealand’s winter property market continues its recent trend, slowing from the pace of sales and price rises of last year — properties stay on the market longer and median prices dip... More>>

Kiwi Group Holdings: Fisher Funds Acquires Kiwi Wealth Business

Kiwi Group Holdings Limited (KGHL) today announced the sale of Kiwi Wealth to Fisher Funds for NZ$310 million... More>>

Retail NZ: Welcomes Return Of Cruise Ships

“Cruise visitors were big spenders in retail prior to COVID-19, and retailers in Auckland will be celebrating the arrival of P&O’s Pacific Explorer this morning... More>>

ASB: Full Year Results: Building Resilience Today And For Our Future

In its 175th year, ASB has reported a cash net profit after tax of $1,418 million for the 12 months to 30 June 2022, an increase of $122 million or 9% on the prior year... More>>