Graeme wrote:AD, Thanks for compliment. I'll read Capital if your read articles in this thread. Deal?
Haha. Ok. Deal.
Graeme wrote:AD, Thanks for compliment. I'll read Capital if your read articles in this thread. Deal?
The oil and gas sector is as busy as it has ever been, and more international explorers may follow the lead of recent arrivals, says industry leader John Bay.
Bay, chairman of the Petroleum Exploration and Production Association (Pepanz), said the arrival of Apache in New Zealand was pretty exciting in a region, the East Coast, that had been only lightly explored.
Apache followed Brazilian company Petrobras and United States firm Andarko, so was "good news" for the local industry.
"It is probably the most active period in New Zealand's exploration history," Bay said.
A handful of big international companies were here, as well as many smaller active firms, including Tag Oil.
"Apache is a solid company that operates worldwide and so you are bringing focus to New Zealand."
Shell had also recently joined an exploration joint venture in the Great South Basin, rather than largely just produce from Taranaki fields.
"It is a cycle of good news," Bay said.
If companies had a reputation of success, others may look at New Zealand, too.
MD wrote:As for push-back... why should I care? I see little reason to address any of these issues with anything other than glib cynicism.
Lanthanide wrote:Just thought I'd throw this up there for people to discuss:
http://www.stuff.co.nz/business/4228359 ... -economies
"The paper, The Next Oil Shock, says that known oil reserves would last for another 25 to 32 years, but an oil ''supply crunch'' could occur in 2012 or shortly afterwards as demand rises and supplies fail to keep pace."
ralfy wrote:The need for finding other sources of energy is expected.
ralfy wrote:The problem is dealing with an oil-hungry manufacturing and mechanized agriculture base. In which case, one expects resource consumption to drop eventually.
We are pleased to announce the launch today of The Warehouse's country-wide Solar Roof Shout and Kiwibank's Sustainable Energy Loan, helping Kiwi families install solar for as little as $2.50 a day.
The Warehouse will showcase SolarCity solar power systems in six stores every weekend, starting today, reaching 42 stores across the country over the next year and offering a $250 voucher for every system sold.
Mark Powell, Group Chief Executive Officer of The Warehouse says it's important that two leading Kiwi companies are helping to bring solar power to Kiwis at a better price, to help them combat ever-increasing electricity costs.
"The price of electricity has increased by 84% in the past ten years and many of our communities are struggling to pay their power bills," Powell says. "New Zealand has plenty of sunshine so we want to educate Kiwis about solar power, and help make it more affordable for families.
"By having SolarCity experts in different stores across the country, we can help our customers understand how they can best reduce the energy costs they face," he says.
Kiwibank's new Sustainable Energy Loan is designed to help make it more affordable for people to generate their own energy, with the bank contributing up to $2000 towards the cost of financing each system installed.
Kiwibank Chief Executive Paul Brock says it is great that an organisation with the reach of The Warehouse is demonstrating how the new Sustainable Energy Loan can work for Kiwis.
Brazilian oil giant Petrobras has pulled out of New Zealand, Prime Minister John Key has confirmed.
The state-run energy company has handed back its prospecting licences, he said.
The world's third-biggest oil company with sales of close to $150 billion a year, Petrobras had planned to invest $300m over the next three years in exploration and production.
Key denies the pull-out has anything to do with Greenpeace and Te Whanau a Apanui protests at plans for deep-sea drilling off the East Coast.
Petrobras is struggling with rising inflation in Brazil and is having to import gasoline to meet demand because it lacks refinery capacity.
It is reported to be considering selling off assets in Africa and the US and recently withdrew from a huge ethanol pipeline project.
The news is a blow to the Government's aim to grow the oil and gas sector. In August, Texan oil company Anadarko announced delays to their plans to deep-sea drill off the coast until summer 2013.
Finance minister Bill English shrugged off the loss - saying other companies are interested...
...He admitted New Zealand's oil and gas reserves are a "challenge" to get to.
"It's not as easy as some other resources around the world, but their decisions will be affected as much by world energy markets as by anything about New Zealand."
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
However, documents released to Green Party MP Gareth Hughes under the Official Information Act reveal that in August the company applied for an extension to its work programme "in order to make a more informed decision" about whether it would complete it or surrender the permit.
The reason for the application was that it was "in the process of identifying a potential partner to share the investments related to the work programme", said Petrobras lawyer Marcos Jose de Souza.
The company had already carried out 2D seismic surveying over more than 3000 square kilometres of the basin - priced at US$5 million - some of it interrupted by protesters from Greenpeace and East Cape iwi Te Whanau a Apanui.
Petrobras believed that "the possibility of sharing the costs of the next phase would increase the chances of approval of the of the 3D seismic survey by Petrobras upper management", the application said.
But the company's decision to surrender its permit indicated that it had not managed to find such a partner, said Mr Hughes, the Green Party energy spokesman.
"The Government is trying to spin it that Petrobras wanted to focus on its business in Brazil, but Petrobras tried to get an investment partner for the Raukumara Basin and failed," Mr Hughes said.
"Potential business partners would no doubt be aware that Petrobras's risky plans in the basin attracted massive public opposition from Te Whanau a Apanui and the public.
Dear Graeme,
Thank you for your emails of 25 and 30 March 2013, and various documents referenced in the emails, about peak oil.
Peak oil, as you know, refers to the point at which global oil production will reach its maximum output (or “peak”) and thereafter begin to decline. Some hold the view that this point will be reached once we have depleted half of all the oil that can ever be recovered technically and economically. However, it could also come about due to a future decline in oil demand rather than a physical supply constraint.
The government’s data on global oil production figures, and the oil market more generally, comes from a number of sources, most prominently the International Energy Agency (IEA), of which New Zealand is a member. The IEA is the most credible public source of information on the global oil market as it has access to comprehensive market information that is ordinarily not made public for reasons of government or commercial sensitivity.
While it is known that oil is a non-renewable resource and a decline in production inevitable, it is still uncertain when this decline will occur. The IEA has no official estimate of when this decline will occur, but the IEA World Energy Outlook 2012 argues that known reserves of natural gas liquids and unconventional oil are, in principle, large enough to keep total oil production rising for “several decades” if necessary. In particular, net oil production is projected to rise from 84 million barrels a day in 2011 to 97 million barrels per day in 2035, the increase coming entirely from natural gas liquids and unconventional sources.
The problem with accurately projecting if and when a decline in oil production will occur lies in the fact that there are basic questions about the quantity of the world’s oil resources that remain unanswered.
A key part o the problem is that there is no way to know how much oil remains to be discovered and how future exploration and production technologies will affect the amount of that oil that can be recovered. It is also unclear what impact price and government policies relating to efficiency, climate change and research into alternative fuels will have on the demand side.
The government takes the issue of peak oil seriously and is ensuring that policies are in place to support the transition to alternative sources o energy, particularly in transport. Such alternatives are already beginning to enter the market, such as biofuels, hydrid and electric vehicles. Throught the Petroleum Action Plan, the government is also committed to further development of our domestic petroleum resources.
At the international level, New Zealand is actively engaged with international organisations like the IEA and the International Energy Forum to improve international energy data transparency and help provide greater clarity around remaining global reserves. We are also engaged in collaborative R & D partnerships via the IEA to help improve or develop new alternative sources of energy.
The New Zealand Energy Strategy 2011-2021 (NZES) outlines the government’s view of the role of energy in the economy and identifies the risks, challenges and opportunities around energy in New Zealand. Issues relating to liquid fuels are covered in the NZES, and the link to the document on the Ministry of Business, Innovation and Employment website is:
http://www.med.govt.nz/sectors-industri ... strategies
You asked if my reply to your emails could be published in a peak oil internet forum site. I have no objection to this, and suggest you look at the link below on the Ministry of Business, Innovation and Employment website which sets out the government’s views on peak oil, as contained in this letter.
http://www.med.govt.nz/sectors-industri ... y/peak-oil
Yours sincerely
Hon Simon Bridges
Minister of Energy and Resources
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