Survey ranks NZ fifth best for oil exploration

Friday 1st July 2011 1 Comment

A global survey of around 500 petroleum companies has ranked New Zealand fifth best country for investment in oil and gas exploration, Acting Energy Minister Hekia Parata said today.

The Fraser Institute Global Petroleum Survey is an annual survey of oil and gas exploration and production companies which focuses on barriers to investment and production around the world.

The industry refers to it when making decisions about locations for oil and gas exploration and development.

New Zealand is ranked fifth in the latest survey behind the United States, Netherlands, Hungary and Canada.

It says New zealand is a well regarded destination for international business investment and refers to the positive reputation the country has among oil and gas investors.

"Attracting international investment in petroleum and mineral development will help New Zealand grow its economy and deliver greater prosperity, security and opportunities for all New Zealanders," Parata said.

"Our government is taking a balanced approach...we are focused on renewables, the exploration of our natural resources, energy efficiency and the pricing of carbon as we manage our environmental responsibilities and economic opportunities."

NZPA

Comments from our readers

On 1 July 2011 at 8:00 pm Chris said:

New Zealand deserves another 'GoldRush', this time 'BlackOffShoreOil'. Abundance and Wealth for our small nation, the mainland of the great lost southern continent. Let us begin NOW, the future of New Zealand is with us - the time is right!