Joined: Mar 04, 2005 Posts: 2571 Location: New Zealand
Posted: Wed Dec 19, 2007 8:43 am Post subject: Oil reserves secure for 2008
Oil reserves secure for 2008
Quote:
New Zealand has secured contracts for additional oil reserves in Australia, Japan and the Netherlands for 2008, the Ministry of Economic Development announced today.
Secured through a global tender, the contracts ensure that New Zealand is able to meet its obligations as a member of the International Energy Agency (IEA). One of the main obligations of membership is to hold minimum oil stocks equivalent to 90 days of the previous year’s net imports.
Increased domestic production following the start up of the Pohokura condensate and Tui oil fields means that the amount of reserves the Government needs to secure off shore has reduced. Depending on the timing of new crude oil production streams in New Zealand, a tender may be required for stocks in 2009, although by 2010 the increases in domestic oil production from Tui, Maari and Pohokura may mean no additional reserves are required.
scoop _________________ Human history becomes more and more a race between education and catastrophe. H. G. Wells.
Fatih Birol's motto: leave oil before it leaves us.
Joined: Nov 24, 2007 Posts: 112 Location: Christchurch, New Zealand
Posted: Wed Dec 19, 2007 3:23 pm Post subject: Re: Oil reserves secure for 2008
That's good news.
I really think NZ is in the best possible position out of any country. We've got more than enough food, stocks of coal, a small supply of oil that is enough to help meet our own needs but not a target for invasion and relative seclusion from everyone else (until the Japanese invade Oz...).
10% of our population are still farmers, so the skills are still alive and well. We've got railroads crossing most of the south island, not sure about the north but I think it's similar there. 62% of our power is currently renewable, with a government goal of 90% by 2020.
About the only big bad thing I can think of is natural disasters such as earthquakes. And an economy that is dangerously exposed to the tourism industry, but with all the surplus food those people should still survive, if not happily.
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