New Zealand’s oil and gas industry has published a policy plan for how the sector can deliver major economic, environmental and social benefits for New Zealanders.
It includes a proposal for a dedicated fund to invest the public proceeds from new oil and gas developments, currently worth around $500 million per year on average but with potential to be much higher.
“Building a richer and more sustainable New Zealand: A policy plan for the upstream petroleum sector” was published today by the Petroleum Exploration and Production Association of New Zealand (PEPANZ).
“Allowing new exploration permits beyond just onshore Taranaki could earn tens of billions in revenue for New Zealand and help the world lower emissions by displacing coal,” says PEPANZ CEO Cameron Madgwick.
“We support a comprehensive, globally connected ETS as the Government’s main policy tool for reducing emissions. However, it should be comprehensive and apply to all gases and all sectors, including agriculture and methane.
“Legislation should be also be updated to specifically allow Carbon Capture and Storage (CCS) technology to be used in New Zealand. This will be a crucial technology to help the world lower emissions and it should be supported in New Zealand.”