EnZed Energy, an Australian start-up. So, it’s their first rodeo.
They get a 12-year petroleum exploration for a 546-square-kilometre zone in the offshore Taranaki Basin, east of the currently producing Kupe gas field.
Some have made a lot of the fact that EnZed were the only applicants, but others say that’s because the opposition are still threatening that the ban could come back which is giving explorers cold feet.
Now I have no problem with exploration. But I also have no problem with a ban. But a ban can only happen if New Zealand has a viable replacement plan in place. When Labour introduced the ban that was not the case.
But I also know that based on the past 150 years of exploration the chances of a commercially viable find are low.
So good on them and good luck.
But my other takeaway is that the only people who could find the capital for this sort of work is Australian.
And that shows up our basic economic weakness.
A lack of capital for investment.
Not just in oil and gas exploration but for every big idea.
We don’t need to find oil or gas.
We need to find a money tree.
Andrew Dickens is a broadcaster with Newstalk ZB. - where this article was sourced.
6 comments:
Bans are for extremely seriously dangerous activities and scientifically backed. Not moral or ideological, and often ignorant, crusades like just stop oil, ban fracking, etc. But even those idiots still consume and want the goodies.
We don't need a money tree, we just need to borrow the Greens and TOP already have.
And oil and gas is that money tree.
Unless you are Labour Green TOP and you are delusional enough to think we can even get by without either and have anything other than a third world standard of living.
Bloody Ardern's captain's call without any regard for any of the easily foreseen consequences.
That woman has got to be held responsible for the damage she did to NZ, meanwhile the rest of the world can't see that - honary degrees and accolades !!!
If Labour could waste 63 Billion dollars in a few months there can’t be any shortage of cash. Brains? That’s another story.
So, we don't need oil or gas?
What then?
Keep dreaming that candy floss fed unicorn farts are the future?
There is a defeatist narrative presented here. The fact that there is a company wanting to explore and take on the risk suggests they may know more about the odds.
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