Greymouth Petroleum hits out at decommissioning regime and blames officials for Tui debacle

Decommissioning rules on end-of-life gas fields are weighing on the industry. (Image; NZME)

Thu, 17 Oct 2024

Greymouth Petroleum says overly onerous decommissioning laws have stifled sector investment and blames officials for the debacle that led to the regime's establishment.Officials disagree.In a submission to the Crown Minerals Amendment Bill, the energy company said officials were aware of the problems around Tamarind Taranaki, which went bust in 2019. This left the Crown with the bill to decommission its offshore Tui Oilfield.“The decommissioning provisions were introduced in reaction and response to the Tamarind/Tui debacle," Gre...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZ sharemaket up 0.1% despite 'volatile' markets

The S&P/NZX 50 Index closed at 12,338.57, up 18.38 points or 0.15%.

Graham Skellern 6:20pm

Economy

NZX-listed companies take stock in wake of US tariff moves

Wine makers, manufacturers and others mull what trade wars will bring.

Ian Llewellyn 5:20pm

NZX-listed companies take stock in wake of US tariff moves

Economy

Analysts struggle to find upside from Trump tariffs

‘They've forgotten the lessons of the Great Depression,’ one analyst said.

Gregor Thompson 2:00pm

Analysts struggle to find upside from Trump tariffs

Sponsored

New life in property market

Tax rule changes are bringing back mum-and-dad investors.

Fletcher Living

Sponsored

Commercial property trends: AI, sustainability and growing confidence

Falling rates and green tech shape property investment’s future.

PMG

More Law & Regulation

Law & Regulation

Telco fined $325k for misleading 'free' roaming claim

Telco 2degrees has been fined $325,000 after admitting it made misleading claims about its “free” Aussie business roaming plans.The Commerce Commission took action last year after claims made by 2degrees in its advertising campaign between 2020 and 2023 created an impression that...

Staff reporters 2:45pm