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New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender.

“The global exploration and production industry is cyclical – the low number of permits granted in last year’s Block Offer reflects a significant downturn in the sector,” Ms Collins says.

It’s a pleasure to welcome you all to New Plymouth in the Taranaki province, the heart of oil and gas production in New Zealand.

Although I’m relatively new as Energy and Resources Minister, I’m very enthusiastic about the future of this dynamic and extremely productive industry.

I’d particularly like to acknowledge PEPANZ for organising the conference, and our international guests for showing their interest this year. I hope you enjoy your time in New Zealand.

Industry downturn

Businesses, local councils and organisations with projects to spark interest in electric vehicles can apply for the second round of the Government’s Low Emission Vehicles Contestable Fund, opened today by Energy and Resources Minister Judith Collins.

The fund is one of a suite of initiatives in the government’s electric vehicles programme, which has a target of doubling the numbers of electric vehicles every year to reach approximately 64,000 by the end of 2021.

Good morning and welcome everyone. Thank you for inviting me to your Downstream 2017 conference.

Having an affordable and secure supply of energy underpins everything we do- from the economic viability of our businesses, to the well-being of our households, to our individual quality of life.

At the same time, it is striking, coming into this industry, to see the amount and the rate of change you are experiencing now, and are likely to experience in the coming years.

Technological and consumer changes

The Terms of Reference for the Fuel market Financial Performance Study Energy have been released today, says Energy and Resources Minister Judith Collins.

The Study, being undertaken by the Ministry of Business, Innovation and Employment, will take an in depth look at fuel company finances to determine if the price New Zealanders are paying at the pump is reasonable.

A review of New Zealand’s energy policies by the International Energy Agency (IEA) generally praises our approach while pointing out further opportunities, Energy and Resources Minister Judith Collins says.

IEA Executive Director Dr Fatih Birol today released Energy Policies of IEA Countries: New Zealand 2016 Review. The IEA, an autonomous body within the Organisation for Economic Cooperation and Development (OECD), reviews the energy policies of member countries about every five years.

Energy and Resources Minister Judith Collins has today announced a Market Study into fuel prices/returns to be undertaken by the Ministry of Business, Innovation and Employment (MBIE).

The Fuel Market Financial Performance Study, which is expected to be completed by the end of June is designed to determine how fair petrol and diesel prices are at the pump.

A total of 15 projects have been conditionally approved to receive around $3.5 million from the Low Emission Vehicles Contestable Fund, says Energy and Resources Minister Judith Collins.

The Fund was established as part of a package of initiatives to help stimulate electric vehicle uptake and meet the target of 64,000 electric vehicles on New Zealand roads by 2021. This first funding round was heavily oversubscribed with around 80 applications.