Industry welcomes Block offer 2014

Petroleum Exploration and Production Association CEO, Cameron Madgwick, today welcomed the awarding of the 2014 Block offer.

“The 15 new oil and gas exploration permits awarded today bring new companies, new opportunities and new investment to New Zealand.

“The oil and gas industry is already New Zealand’s fourth largest exporter and employs over 7000 people nationwide. Today’s announcement could see a real increase to the contribution the industry makes to our country.

“The new permits represent $110 million in expenditure on initial exploration - a huge boost to the economic well-being of our country and if successful, that investment could grow to over $1 billion.

“New Zealand’s holds a vast amount of petroleum potential; we need to use our petroleum potential today, so we can grow our economy; invest in more energy options and public services tomorrow.

“As an industry we know true success is not just about finding oil or gas and economic growth. Success for the oil and gas industry is about safe drilling and operating to the best standards.

“Every successful company today who was awarded permits will be required to operate to the highest standards. It is very important to the industry that New Zealand’s pristine environment is safeguarded and that our workers are safe on the job and get to go home to their families at the end of the working day.

“Although this process has brought about a great result for New Zealand – as an industry we know we still have work to do to build successful relationships with Kiwi communities new to the oil and gas sector. As the Association, we are committed to working hard to ensure those communities are given factual, reasonable information about our industry so as a country we can have a mature conversation about our energy future, and Kiwis feel part of our industry’s growth so development happens alongside them.

“Congratulations to all the successful companies in this year’s Blocks offer, and a warm welcome to new companies – Chevron, ONGC Videsh and New Endeavour.

“The Blocks Offer process has been hugely successful at bringing world class operators and investment to our shores. We look forward to the announcement of the 2015 Block Offer in March next year as part of the Advantage 2015 Petroleum Summit,” Cameron Madgwick said.