And the Greens will want to stop this

We are apparently sitting on a sea of oil, according to the briefings to the incoming ministers.

New Zealand could be sitting on top of a sea of wealth that could boost revenue in the export oil sector by a whopping 900 per cent.

The country’s petroleum exports bring in $3 billion per year.

But with eight years of oil exploration, Maritime New Zealand said that figure could swell to $30 billion.

The newly released briefing to the incoming Minister said seabed mining and mineral activities is relatively undeveloped.

There is vast potential for major petroleum discoveries within the 5.7 million square kilometres of seabed that New Zealand has sovereign rights over.

The Economic Development Ministry’s Crown Minerals division has previously stated that available data suggests large, potentially oil and gas-holding sedimentary basins, cover about 20 per cent of the total territory.

Three quarters of New Zealand’s oil and gas production is offshore, and all from Taranaki Basin

Taranaki Basin covers an area of about 330,000 square kilometres and more than 400 onshore and offshore exploration and production wells have been drilled so far, but none has been drilled beyond the continental shelf.

The basin is under-explored compared with many comparable basins of its size, and there remains considerable potential for further discoveries.

This is brilliant, but there is a problem.

The government is beholden to the lunatics in The Greens and you can bet good money to a knob of goat poo that they would oppose even exploring for these deposits.

Having more than enough of our own oil would transform the country…but those luddites would have us all cycling and riding horses.

 

-Fairfax

 


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