Energy

New oil law threatens economy and reputation says sector

Ian Llewellyn
Wed, 08 Sep 2021

New oil law threatens economy and reputation says sector
New rules on decommissioning oil fields unfairly create perpetual liability, say critics. (Image: Deposit Photos)
Ian Llewellyn
Wed, 08 Sep 2021
Changes to the law on decommissioning oil fields will cost the country about $1 billion and undermine investment in gas fields that are already facing supply constraints, says the sector’s peak representative body.Energy Resources Aotearoa (formerly the Petroleum Exploration and Production Association of New Zealand) said it supports codifying decommissioning obligations and new ministerial powers in the Crown Minerals (Decommissioning and Other Matters) Amendment Bill.However, the proposals added so many belts and braces to the regime th...

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