Gas Data Proves Government Correct To Act Now
Hon Shane Jones
Minister for Resources
New figures released today showing a decline in New Zealand's gas reserves is a stark reminder why the Government is taking decisive action to bolster the industry and seek more investment in exploration and production, Resources Minister Shane Jones says.
'New Zealand needs a secure supply of affordable and reliable gas – for industry to continue and for Kiwis to keep the lights on. A 27 percent year on year decline in our natural gas reserves is further proof that the Coalition Government has made the right decisions in overturning the oil and gas ban, and is willing to become a cornerstone investor in gas production,' Mr Jones says.
'We simply cannot allow the de-industrialisation of New Zealand to continue. Our manufacturing sector, particularly in the regions, which rely on gas are at the mercy of the market. Rising gas prices are putting increasing pressure on manufacturers and are harming the competitiveness of our businesses, risking their viability.
'As an island nation we should be taking full advantage of our indigenous gas reserves to power our homes and businesses. The idea that we could transition to 100 percent renewable energy without the back-up of any kind of thermal energy is as naïve as it is unattainable.
'That's why the Government has made some bold decisions about how we can arrest the impending degradation of our energy system. It is not too late to turn around our fortunes in this area.
'The Government has committed, through Budget 2025, $200 million over four years for Crown co-investment in new domestic gas field developments. This funding will allow the Government to take a commercial stake of up to 15 percent in new gas projects that feed the domestic market, helping to reduce sovereign risk and attract offshore investment.
'As well as removing the exploration ban, the Crown Minerals Amendment Bill which comes back before the House soon, better balances the regulatory burden and risk of decommissioning and gives the regulator more flexibility in how exploration permits are issued, giving the sector confidence to get to work.'
Other action the Government has taken includes the Investment Boost policy announced in the Budget.
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