New Zealand oil production expected to rise

Wayne Fisher – October 4, 2014

Speaking at the recent NZ Petroleum Summit, John Kidd of Woodward Partners told the audience that NZ’s oil production is forecast to increase. Oil can be a controversial topic in NZ with environmental risk concerning many. Ensuring that NZ’s environment is protected via the RMA whilst supporting clean industry is important to us at CS-VUE. That’s why our clients come to us. CS-VUE enables it’s users to monitor permit compliance & manage risk so that there are no surprises.

Some of the key statistics about the industry in NZ include:

• New Zealand produced 35,500 barrels of oil each day last year.
• Royalties to the Government were $371 million.
• 32 oil and gas wells were drilled in 2013, up two from 2012.
• Total exploration and development spending is up 7 per cent compared with 2012.
• Spending in 2013 was $1.577 billion
• Production permit expenditure fell very slightly, to $1.3b.
• Approximately $659m was spent on well drilling activities.
• Remaining reserves are now the highest for 13 years.
• Forecasts just over 10 years ago suggested that New Zealand would only have sufficient gas to meet demand until 2009.

Source: New Zealand Petroleum and Minerals (NZP&M)

Read the full article here from Stuff: